Volkswagen Sells Fewer Cars As They Continue To Cut Cost

Europe’s largest car manufacturer continues to cut costs and renew its models. The parent company of Skoda, Porsche, Audi, Seat, and others sold more than 2.2 million cars worldwide in the second quarter. That is almost three percent less than in the same period last year. The margin on sales of the Volkswagen Group also decreased.

The result after the first six months of this year is “below our ambitions and potential,”  according to CFO Arno Antlitz in an explanation. He says that the group is sticking to previously issued expectations for the whole year. “However, we have to make significant efforts on the cost side in the second half of the year and thereafter to achieve our objectives.”

Automakers, including the Volkswagen Group, are facing a weaker market, with stagnant demand from China and disappointing sales of electric cars.

• Read More: Volkswagen Reserves Almost A Billion Euros For Job Cuts