Volkswagen, Porsche Shares Extend Losses After Profit Warning and Outlook Cut
Volkswagen and Porsche Face Market Challenges After Profit Warning
FRANKFURT, Sept 21 (Reuters) - Shares in Europe's top automaker Volkswagen continued to fall on Monday, following a profit warning that included a €6 billion ($6.88 billion) goodwill impairment at luxury sportscar division Porsche
Profit Margin Outlook and Contributing Factors
Volkswagen on Friday cut its profit margin outlook for 2026 to 1% at the most, down from a range of 4% to 5.5%, blaming a sluggish Chinese market, higher provisions for retirements as well as the dire situation at Porsche.
Stock Market Reaction
Shares in Volkswagen were 2% lower at 0713 GMT, while Porsche's stock fell 2.8%, extending Friday's declines. Shares in Porsche SE - Volkswagen's biggest shareholder, which also slashed its outlook on Friday - were 3.5% lower.
Currency Exchange Rate
($1 = 0.8715 euros)
Reporting Credits
(Reporting by Christoph Steitz, Editing by Friederike Heine)
