News
Volkswagen Lowered Its Forecast For This Year’s Business
The German car manufacturer Volkswagen today lowered its forecast for this year’s business and cited one-time costs and items worth 10 billion euros ($11.5 billion) as the reason.
This primarily refers to the stake in the manufacturer of luxury sports cars Porsche, the reservation of funds to reduce the number of jobs, and the weakening of the Chinese market, reported Reuters.
The company now expects its operating profit margin to top out at one percent this year, while previously forecasting a range of four to 5.5 percent.
Volkswagen shares fell 5.6 percent today after the announcement of new expectations.
The German manufacturer warned of a “further deterioration of the market environment”, as well as an accelerated shift in demand towards battery-powered electric vehicles. This is why the forecasts for the business of the Volkswagen and Audi brands have been reduced.
-
News6 days agoToyota Recalls Over 200,000 Sienna Minivans Due To Defective Second-Row Seatbacks
-
News6 days agoPorsche Says It Has No Plans To Manufacture Cars In The US
-
News6 days agoBugatti Doesn’t Rule Out A Manual Transmission Tourbillon
-
News1 week agoTesla To Start Selling The Cybercab Later This Year
-
News1 week agoMate Rimac Personally Delivers First-Ever ‘Tiffany Edition’ Nevera R To Customer
-
News1 week agoNorth Korean Leader Crosses New China Border Bridge In Armoured Mercedes-Maybach Limousine
-
Celebrities Auto1 week agoVenuum Defends Fixed Carbon-Fibre Wing On Burna Boy’s ₦9 Billion Chiron VXX After Bugatti CEO’s Comments
-
Auto Sport4 days agoYangwang U9 Xtreme, Bugatti Chiron Super Sport 300+: Top 10 Fastest Cars In The World Ranked By Top Speed
