11/18/2019

German carmaker Volkswagen 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%.

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