VW Sticks to Profit Goal Despite ‘Very Bad’ Second Quarter
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Volkswagen AG is standing by its goal of posting an operating profit this year even as the collapse in car demand from the coronavirus pandemic hits its second-quarter performance.
The second quarter is going to be “very bad,” and the German carmaker will have to be highly disciplined on spending to meet its target for the year, according to comments from Chief Executive Officer Herbert Diess and Chief Financial Officer Frank Witter at an internal meeting with managers.