Volkswagen is very optimistic about the overall outlook for the automotive market in the EU and the US, despite some delivery delays due to supply chain bottlenecks, which are expected to clear in the future. The automaker is working to strengthen its cash position after rising logistics costs and intensifying competition in China weighed on second-quarter earnings. The company's net cash position fell by 72% in the three months to June. Arno Antlitz, Group CFO, also mentions VW's $700 million investment in Chinese electric vehicle manufacturer Xpeng Inc. which gives VW a 4.99% stake in Xpeng and an observer seat on the board.
(MT Newswires)
