Volkswagen cuts deliveries forecast
At the same time, the company backed its outlook for revenue and return on profit
Stocks impacted: Volkswagen Group (VOWG)
The German car maker cut its full-year forecast for vehicle deliveries, citing a faster-than-expected slowdown in global auto markets. At that, nine-month adjusted operating profit rose to 14.8 billion euros, up from 13.3 billion euros while the adjusted operating profit rose 11.2%, in part due to a jump in demand for Skoda and Porsche cars. Pretax profit in the period rose to 14.6 billion euros from 12.5 billion euro the previous year. As a reminder, Ford cut its forecast for operating profit, citing a slowdown in demand in China and other issues.
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