Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
  1. Homepage
  2. Equities
  3. Germany
  4. Xetra
  5. Volkswagen AG
  6. News
  7. Summary
    VOW3   DE0007664039

VOLKSWAGEN AG

(VOW3)
  Report
Delayed Quote. Delayed Xetra - 09/17 11:38:05 am
189.7 EUR   -1.95%
09/17Banks beware, outsiders are cracking the code for finance
RE
09/17VOLKSWAGEN VORZÜGE : Buy rating from JP Morgan
MD
09/16NEWS HIGHLIGHTS : Top Global Markets News of the Day
DJ
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Renault sees 2021 profit despite chip crunch, raw material costs

07/30/2021 | 03:57am EDT
FILE PHOTO: The logo of carmaker Renault is pictured at a dealership in France

LONDON/PARIS (Reuters) -French carmaker Renault said on Friday it expected to deliver a full-year 2021 profit even as a global shortage in semiconductor chips and rising raw material costs crimped production.

Renault said it now expected the chip shortage to lead to a production loss of 200,000 units this year, doubling its previous forecast.

The carmaker, which has been focusing more on its most profitable models, reported a return to half-year net profit after a hefty loss a year ago, crediting rising car sales and its pricing efforts.

Renault, which also owns Dacia and Lada brands and has a partnership with Nissan, reported an operating margin of 2.8% for the first half of the year, saying it was aiming for a full-year margin "of the same order". It added it was ahead of its cost cutting targets.

Renault shares were up 1.5% at 07h47 GMT, after rising more than 4% in early trading.

These results "mark only the first step in our turnaround, which should accelerate with arrival of the new vehicles in preparation," Chief Executive Officer Luca de Meo, who started a year ago, said in a statement.

Renault almost returned to positive cash flow in the first half of the year, from a nearly 6.4 billion euro outflow in the year-ago period, and executives said they hoped to keep that momentum going.

Renault plans to repay around a fifth of a 5 billion-euro loan from the French state by year end, Chief Finance Officer Clotilde Delbos said. The loan was part of government emergency support offered at the start of the coronavirus pandemic.

Last month, Renault unveiled a more ambitious strategy for electric vehicles (EVs), betting on new, affordable versions of its iconic small cars of the past to catch up with Volkswagen in the fast-growing sector.

After five consecutive quarters of falling car sales, Renault's revenue for the first half of 2021 rose 18.7%.

"RENAULUTION" PLAN

CEO De Meo, a former Volkswagen executive who turned the German automaker's Seat brand around, has been tasked with helping Renault turn a new page after a troubled spell.

De Meo's turnaround plan - which he calls a "Renaulution" - includes laying off thousands of workers, cutting the carmaker's model range, and improving cooperation on production with its alliance partners - Nissan and Mitsubishi.

Former boss Carlos Ghosn was ousted and arrested in Japan in 2018 on charges of financial malpractice, which he denies. Ghosn left behind a sprawling model range with low margins, and Renault racked up heavy losses when global demand for cars fell.

The French carmaker said last month that by 2030 the Renault-Nissan-Mitsubishi alliance would produce one million EVs globally a year, up from the 200,000 they made in 2020.

Renault on Friday reported first-half net profit of 354 million euros ($420.52 million) after suffering a loss of nearly 7.3 billion euros a year earlier amid lengthy industry-wide production shutdowns during the coronavirus pandemic.

Nissan surprised with a first-quarter profit and raised its earnings outlook on Wednesday.

(Reporting by Nick Carey and Gilles Guillaume, additional reporting by Sarah White; Editing by Sherry Jacob-Phillips and Tomasz Janowski)

By Nick Carey and Gilles Guillaume


© Reuters 2021
All news about VOLKSWAGEN AG
09/17Banks beware, outsiders are cracking the code for finance
RE
09/17VOLKSWAGEN VORZÜGE : Buy rating from JP Morgan
MD
09/16NEWS HIGHLIGHTS : Top Global Markets News of the Day
DJ
09/16Five Automakers in South Korea to Recall 302 Vehicles on Faulty Components
MT
09/16KOTAK MAHINDRA BANK : to Acquire Vehicle Loan Portfolio of Volkswagen Finance
MT
09/16GLOBAL MARKETS LIVE : Thales, Nestlé, Evergrande, AMC, Walmart...
09/16BLACKBERRY Q2 EARNINGS PREVIEW : Supply Chain Constraints Remain Headwind, TD Sa..
MT
09/16VOLKSWAGEN : Unit To Stop Production In Czech Plants Due To Chip Shortage
MT
09/16Volkswagen's Skoda Stops Production at Czech Sites Due to Chip Shortage
DJ
09/16Four former VW employees go on trial in Dieselgate lawsuit
RE
More news
Analyst Recommendations on VOLKSWAGEN AG
More recommendations
Financials
Sales 2021 253 B 297 B 297 B
Net income 2021 14 786 M 17 338 M 17 338 M
Net cash 2021 34 660 M 40 643 M 40 643 M
P/E ratio 2021 6,52x
Yield 2021 3,88%
Capitalization 118 B 139 B 139 B
EV / Sales 2021 0,33x
EV / Sales 2022 0,28x
Nbr of Employees 632 825
Free-Float 56,8%
Chart VOLKSWAGEN AG
Duration : Period :
Volkswagen AG Technical Analysis Chart | VOW3 | DE0007664039 | MarketScreener
Technical analysis trends VOLKSWAGEN AG
Short TermMid-TermLong Term
TrendsBearishBearishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 23
Last Close Price 189,70 €
Average target price 277,57 €
Spread / Average Target 46,3%
EPS Revisions
Managers and Directors
Herbert Diess Chairman-Management Board
Arno Antlitz Head-Finance & Information Technology
Hans Dieter Pötsch Chairman-Supervisory Board
Thomas Schmall-von Westerholt Head-Technology
Kurt Michels Chief Compliance Officer
Sector and Competitors
1st jan.Capi. (M$)
VOLKSWAGEN AG24.46%138 958
TOYOTA MOTOR CORPORATION25.93%252 800
DAIMLER AG23.48%89 616
GENERAL MOTORS COMPANY23.27%74 517
GREAT WALL MOTOR COMPANY LIMITED16.35%66 245
BMW AG11.26%61 103