Volkswagen has lowered its annual forecast for the second time in less than three months, citing weaker-than-expected performance in its passenger car division. The announcement adds to the pressure on Europe's leading automaker amidst a challenging global market environment.
Volkswagen cut its annual forecast for the second time in less than three months last Friday. The main reason cited was weaker-than-expected performance in its passenger car division, increasing the pressure on Europe's leading automaker. The announcement comes against a difficult backdrop for Germany's automotive giants, with Mercedes-Benz and BMW also lowering their annual forecasts earlier this month, due to weakening demand in China, the world's largest car market.
Volkswagen, which is due to publish its third-quarter results on October 30, has announced that it now expects net cash flow from its automotive division to be around €2 billion, compared with an initial range of 2.5 to 4.5 billion euros.The challenges facing Volkswagen and the European automotive industry are many, ranging from falling demand to geopolitical tensions and internal labor disputes.
Automotive Industry Volkswagen Profit Margin Sales Forecast Global Market Challenges
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