The German car concern Volkswagen is lowering its forecast for the second time this year due to weak demand for passenger cars, reports Bloomberg.
The company states that it expects to deliver around nine million units this year, which can be compared to 9.24 million last year. In Volkswagen's earlier forecast, the number was instead expected to increase by around 3 percent in 2024.
The concern is also adjusting its forecast for the operating margin, from 7 percent to 5.6 percent. With Friday's announcement, the three large German automotive concerns – Mercedes-Benz, BMW, and Volkswagen – have now issued profit warnings. The problems include weak development on the Chinese market and increasing competition on the electric car market.
The Volkswagen concern includes, among others, Skoda and Seat.
