by Christoph Steitz and Christina Amann
FRANKFURT/BERLIN, March 1 (Reuters) – Volkswagen warned on Friday that it expects lower sales growth in 2024, due to the deterioration of the economic outlook, intensifying competition and increased costs.
The leading European car manufacturer, which owns the Audi, VW and Lamborghini brands, expects its turnover to increase by 5% in 2024, after an increase of 15.5% in 2023, which boosted turnover annual to 322.3 billion euros.
Volkswagen Chief Financial Officer Arno Antlitz anticipates a “mixed economic outlook and intense competition” in 2024, although the automaker remains confident for the year as a whole.
Read also…
At 15:40 GMT, Volkswagen lost 4.6%, hitting a four-week low after falling as much as 7.15%. Porsche, in which Volkswagen has a majority stake, lost 0.1% after gaining more than 2% earlier in the session.
Volkswagen said it expects an operating margin of between 7.0% and 7.5% in 2024. Last year, the margin fell to 7% from 7.9% the year before. (Report Christoph Steitz, French version Corentin Chappron, edited by Blandine Hénault)
©2024 Thomson Reuters, all rights reserved. Reuters content is the intellectual property of Thomson Reuters or its third party content providers. Any copying, republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. Thomson Reuters shall not be liable for any errors or delays in content, or for any actions taken in reliance thereon. “Reuters” and the Reuters Logo are trademarks of Thomson Reuters and its affiliated companies.