WOLFSBURG (dpa-AFX) - Volkswagen AG. (VKW.L, VLKAF.PK, VOW.BE) cut its forecast for the 2024 financial year in light of a challenging market environment. This decision comes after developments that have fallen short of original expectations, particularly for the brands Volkswagen Passenger Cars, Volkswagen Commercial Vehicles, and Tech Components.
Volkswagen now anticipates customer deliveries to be approximately 9 million vehicles in fiscal year 2024, down from 9.24 million in 2023 and a previous forecast of an increase of up to 3 percent. Additionally, Volkswagen expects annual group sales revenue to be around 320 billion euros, compared to 322.3 billion euros in 2023 and a previous forecast of an increase of up to 5 percent.
The report on the interim financial statements as of September 30, 2024, will be published on October 30, 2024.
In a separate press release, Porsche Automobil Holding SE (POAHY.PK, POAHF.PK) stated that, due to its equity investment of approximately 31.9% in Volkswagen AG, its group result after tax is significantly influenced by the at-equity result attributable to Porsche SE, thus by the group result after tax at the level of Volkswagen.
As a result, Porsche SE adjusted its earnings forecast accordingly. For the financial year 2024, the group result after tax of Porsche SE is now to be expected in a range of 2.4 billion euros to 4.4 billion euros. Previously, the forecast for the group result after tax was between 3.5 billion euros and 5.5 billion euros.
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