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MarketScreener Homepage  >  Equities  >  Xetra  >  Volkswagen AG    VOW3   DE0007664039

VOLKSWAGEN AG

(VOW3)
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VW's German plants need to shape up, says production chief

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12/08/2019 | 06:15am EST
FILE PHOTO: Final checks on an e-Golf electric car at a VW plant in Dresden

Volkswagen's German plants need to boost efficiency to match overseas operations, production chief Andreas Tostmann was quoted as saying, targeting 2 billion euros (1.6 billion pounds) in savings by 2023.

German carmakers, including Volkswagen's Audi brand, have announced thousands of job cuts in recent weeks to address an expected 5% drop in global auto sales this year, with declines likely to spill into 2020.

"The pace of improvement is better abroad. In Germany, despite all the successes we've achieved, we have to do better," Tostmann told trade journal Automobilwoche.

Tostmann wants to implement the savings in the production of VW branded cars through a bundle of measures on top of automation, including a leaner logistics operation.

"The result is that we need 15% less space, 60% fewer logistics vehicles and are able to move 20% more product," said Tostmann, according to extracts from his Automobilwoche interview.

VW's luxury Audi division last month said that it would cut up to 9,500 jobs, equating to 10.6% of total staff, by 2025 in a move to free up billions of euros to fund the shift towards electric vehicle production.

Rival Daimler as well as car suppliers Continental, Robert Bosch [ROBG.UL] and Osram have also recently announced staff and cost cuts.

(Reporting by Douglas Busvine; Editing by David Goodman)

Stocks treated in this article : AUDI AG, Volkswagen AG, OSRAM Licht AG, Continental AG
Stocks mentioned in the article
ChangeLast1st jan.
AUDI AG -0.50% 798 Delayed Quote.2.05%
CONTINENTAL AG 0.98% 117.38 Delayed Quote.-2.79%
OSRAM LICHT AG 0.39% 38.5 Delayed Quote.1.53%
VOLKSWAGEN AG 0.95% 176.6 Delayed Quote.27.12%
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Financials (EUR)
Sales 2019 249 B
EBIT 2019 17 854 M
Net income 2019 13 750 M
Finance 2019 21 780 M
Yield 2019 3,57%
P/E ratio 2019 6,39x
P/E ratio 2020 6,08x
EV / Sales2019 0,27x
EV / Sales2020 0,24x
Capitalization 88 411 M
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Technical analysis trends VOLKSWAGEN AG
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Income Statement Evolution
Consensus
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Mean consensus BUY
Number of Analysts 30
Average target price 198,59  €
Last Close Price 176,60  €
Spread / Highest target 37,0%
Spread / Average Target 12,5%
Spread / Lowest Target -19,0%
EPS Revisions
Managers
NameTitle
Herbert Diess Chairman-Management Board
Hans Dieter Pötsch Chairman-Supervisory Board
Frank Witter Head-Finance & Information Technology
Peter Mosch Deputy Chairman
Bernd Osterloh Member-Supervisory Board
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