VW warns of headwinds, to redouble efforts to meet targets

LONDON, ENGLAND - SEPTEMBER 25: Used cars by German manufacturer Volkswagen are parked at a dealership in Battersea on September 25, 2015 in London, England. The Department for Transport's Vehicle Certification Agency, the UK's national approval authority for new road vehicles, has announced that it will re-run laboratory tests on engines and compare the results with emissions from on-the-road tests in the wake of the VW test-rigging scandal. The German car manufacturer has admitted selling vehicles in the US with diesel engines that could detect when they were being tested for emission, changing the vehicles performance accordingly in order to improve results. (Photo by Rob Stothard/Getty Images)

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.

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