Volkswagen softens outlook for passenger car business as first-quarter profit falls
FILE PHOTO: The logo of Volkswagen carmaker is seen at the entrance of a showroom in Nice, France, April 8, 2019. REUTERS/Eric Gaillard/File Photo
Volkswagen said on Thursday it expects the return on sales for its passenger cars business to be at the lower end of its 6.5 percent and 7.5 percent target for the year. Earnings before interest and taxes fell to 3.9 billion euros in the first quarter, in line with 3.92 billion euros expected by analysts, but below the 4.2 billion euros in the year-earlier period.
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