VW’s Q2 23 results missed expectations at the cash flow level as logistics issues weighed. The FY23 guidance was confirmed but the downward adjustment to the assumption on vehicle deliveries likely factors in a strong performance for the premium brands. Also, the group now indicates that it will only be able to reach the “lower end” of its Automotive NCF range. Lastly, VW is shifting gears in China to capitalize on the local knowhow. A new strategy for China was announced.
