The Volkswagen show floor is seen under setup at the Canadian International AutoShow in Toronto, Ontario, Canada, February 13, 2019. REUTERS/Mark Blinch
FRANKFURT (Reuters) – Volkswagen warned investors about a tough year ahead as the 12-brand car and truck making group posted disappointing preliminary full-year results on Friday.
“The headwinds in key markets are expected to strengthen further in 2019,” Chief Executive Herbert Diess said in a statement accompanying earnings.
Volkswagen reiterated it wanted to achieve an operating return on sales of between 6.5 – 7.5 percent for the passenger cars division.
Volkswagen’s 2018 operating profit came in at 13.92 billion euros ($15.79 billion), only 0.7 percent higher than the prior year and below 14.53 billion euros forecast in a poll.
Reporting by Edward Taylor; Editing by Tom Sims