The Volkswagen logo is seen during a press preview of the New York International Auto Show in Manhattan, New York City, the United States, March 27, 2024.
David Dee Delgado | David Dee Delgado Reuters
Volkswagen Shares fell on Wednesday after the company issued an overnight profit warning and announced it was considering closing its Audi factory in Brussels.
The company has now lowered its operating return on sales forecast to 6.5% to 7% from the previous forecast of 7% to 7.5%.
The company noted that it is also considering restructuring or closing the Audi factory in Brussels due to weak demand for the Audi Q8 e-tron range, the brand’s all-electric offering.
Volkswagen said factors such as expected closures or the cost of finding alternative uses could cost the company up to 2.6 billion euros ($2.81 billion) in operating profit in fiscal 2024.
The carmaker’s shares were down 1.45% as of 10:27 a.m. London time on Wednesday.
This breaking news is being updated.
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