VW warns of headwinds, to redouble efforts to meet targets

FAN Editor
The Volkswagen show floor is seen under setup at the Canadian International AutoShow in Toronto
The Volkswagen show floor is seen under setup at the Canadian International AutoShow in Toronto, Ontario, Canada, February 13, 2019. REUTERS/Mark Blinch

February 22, 2019

FRANKFURT (Reuters) – Volkswagen warned investors about a tough year ahead as the 12-brand car and truck making group posted disappointing preliminary full-year results on Friday.

“The headwinds in key markets are expected to strengthen further in 2019,” Chief Executive Herbert Diess said in a statement accompanying earnings.

Volkswagen reiterated it wanted to achieve an operating return on sales of between 6.5 – 7.5 percent for the passenger cars division.

Volkswagen’s 2018 operating profit came in at 13.92 billion euros ($15.79 billion), only 0.7 percent higher than the prior year and below 14.53 billion euros forecast in a poll.

(Reporting by Edward Taylor; Editing by Tom Sims)

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