Volkswagen cuts 2024 outlook on macroeconomic headwinds

FRANKFURT (Reuters) – Volkswagen (ETR:VOWG_p) on Friday cut its annual outlook, citing a weaker-than-expected performance of its passenger car division as well as a deteriorating macroeconomic environment.

Europe’s largest carmaker now expects a profit margin of around 5.6% in 2024, down from 6.5-7% previously.