VW slashed its FY23 operating income target to €22.5bn due to new cash adjustments affecting the P&L. However, the underlying assumptions on the operational front were reiterated. The preliminary Q3 23 figures fell short of estimates but investors may percieve them not too badly because of the negative sentiment that has weighed on the share price recently. We must trim our FY23E EBIT by c. 10%. Our fundamental positive rating remains, but we prefer Stellantis.
