BERLIN, July 27 (Reuters) - Volkswagen will concentrate on improving net cash flow in the second half as logistics bottlenecks ease, the German automaker said on Thursday, even as it lowered its 2023 outlook for deliveries.

Its financial targets for 2023 remained unchanged, the carmaker added, indicating it would compensate for lower deliveries with higher pricing and efficiency gains in production.

Supply of key components such as semiconductors had improved but transport and logistics delays weighed on the first half, Volkswagen said.

Still, it expected significantly shorter waiting times in the second half and said demand was stable with order books full at 1.65 million vehicles.

"In the first half of the year, we achieved solid financial results and took major steps to improve our competitiveness. The focus for the second half is now on strengthening net cash flow," said Chief Financial Officer Arno Antlitz.

The carmaker still aims to hit full-year net cash flow of between 6 billion euros ($6.66 billion) and 8 billion euros, it said, and has taken measures to ensure it meets the lower end of the range after reporting a muted 2.5 billion euros in the first half.

Volkswagen now expects full-year deliveries in a range between 9 million and 9.5 million vehicles, rather than the previously forecast level of about 9.5 million.

The core brands of Volkswagen Passenger Cars, VW Commercial Vehicles, Seat, Skoda and Cupra achieved an operating margin of 5.5% in the first half.

Audi, Lamborghini, Bentley and Ducati reaped a 10% operating margin.

All the group's brands are undergoing so-called performance programmes to improve efficiency, with Volkswagen Passenger Cars alone promising 10 billion euros($11.09 billion) in efficiency gains by 2026.

These should begin to show in the second half of the year, Volkswagen said. ($1 = 0.9013 euros) (Writing by Miranda Murray and Victoria Waldersee Editing by Rachel More and David Goodman)