BREAKING NEWS

Volkswagen cuts medium-term outlook for operating profit, sales

Volkswagen cuts medium-term outlook for operating profit, sales
FILE PHOTO: The revised logo of German carmaker Volkswagen AG is pictured during a preview of the world's biggest automaker at the international Frankfurt Motor Show IAA in Frankfurt, Germany September 9, 2019. REUTERS/Wolfgang Rattay -
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Wolfgang Rattay(Reuters)
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HAMBURG (Reuters) – German carmaker Volkswagen <VOWG_p.DE> on Monday cut its medium-term outlook for operating profit as the industry is being hit by a global downturn.

VW now expects operating profit before special items to grow by at least 25% in the 2016-2020 period, down from a previous forecast of more than 30%, slides for a presentation showed.

The Wolfsburg-based company also cut its forecast for medium-term sales growth to 20% from more than 25%.

(Reporting by Jan Schwartz; writing by Thomas Seythal; editing by Tassilo Hummel)

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