FILE PHOTO: Sign at the Volkswagen Chattanooga Assembly Plant in Chattanooga, Tennessee November 4, 2015. REUTERS/Tami Chappell/File Photo
HAMBURG (Reuters) – German carmaker Volkswagen (VOWG_p.DE) on Monday cut its medium-term outlook for operating profit as the industry is being hit by a global downturn.
VW now expects operating profit before special items to grow by at least 25% in the 2016-2020 period, down from a previous forecast of more than 30%, slides for a presentation showed.
The Wolfsburg-based company also cut its forecast for medium-term sales growth to 20% from more than 25%.
Reporting by Jan Schwartz; writing by Thomas Seythal; editing by Tassilo Hummel
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