VW sticks to profit goal despite ‘very bad’ Q2

Volkswagen Group 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 automaker will have to be highly disciplined on spending to meet its target for the year, according to comments from CEO Herbert Diess and Chief Financial Officer Frank Witter at an internal meeting with managers.

Volkswagen confirmed the comments by the two executives by phone on Monday, after German magazine WirtschaftsWoche first reported them.

VW Group its peers have been hit hard by the crisis, which forced factory stoppages and crippled sales in key markets such as Europe, China and the U.S. The automaker’s global groupwide vehicle sales fell 34 percent to 609,400 last month.

The Germa

 meet its target for the year, according to comments from CEO Herbert Diess and Chief Financial Officer Frank Witter at an internal meeting with managers.

Volkswagen confirmed the comments by the two executives by phone on Monday, after German magazine WirtschaftsWoche first reported them.

VW Group its peers have been hit hard by the crisis, which forced factory stoppages and crippled sales in key markets such as Europe, China and the U.S. The automaker’s global groupwide vehicle sales fell 34 percent to 609,400 last month

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