H1 was very tough, as expected. Still, VW reported revenues in line with estimates and managed to surprise on a narrower than anticipated operating loss and lower cash burn. With July’s global deliveries expected to come in ‘only’ <10% below the 2019 levels, VW appears to have a more positive tone on H2 and on achieving a positive operating result in FY20. Nonetheless, the dividend cut suggests VW is still erring on the cautious side.
30 Jul 2020
H1: VW did not disappoint; gains confidence on H2 recovery
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H1: VW did not disappoint; gains confidence on H2 recovery
H1 was very tough, as expected. Still, VW reported revenues in line with estimates and managed to surprise on a narrower than anticipated operating loss and lower cash burn. With July’s global deliveries expected to come in ‘only’ <10% below the 2019 levels, VW appears to have a more positive tone on H2 and on achieving a positive operating result in FY20. Nonetheless, the dividend cut suggests VW is still erring on the cautious side.