FRANKFURT (Reuters) – Volkswagen, Europe’s prime carmaker, on Friday mentioned it expects gross sales development to gradual in 2024 in comparison with final 12 months, citing growing competitors, stricter emissions regulation in addition to uncooked supplies and vitality costs.
The corporate expects gross sales to develop by as much as 5% in 2024, after reporting a 15.5% improve final 12 months to 322.3 billion euros ($348.5 billion).
Volkswagen’s Chief Monetary Officer Arno Antlitz pointed to a “muted financial outlook and intense competitors” however mentioned the carmaker was assured for the 12 months as an entire.
Shares in Volkswagen turned adverse on the annual outcomes, which included a drop within the working margin to 7.0% in 2023 from 7.9% within the earlier 12 months, and traded 5.7% decrease at 1415 GMT.
($1 = 0.9249 euros)
(Reporting by Christoph Steitz, Modifying by Rachel Extra)