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On Friday, Porsche announced a delay in the launch of some all-electric models and said that it expected as a result its profit margin this year to reach a maximum of 2%, down from a previously guided range of 5-7%.
Volkswagen, Europe’s top carmaker, said it would take a 5.1 billion euro ($6 billion) hit from the far-reaching product overhaul at its 75.4%-owned subsidiary.
Volkswagen cut its profit margin outlook to 2-3% from 4-5%, while Porsche SE also cut its outlook for profit after tax.
Reporting by SimonFerdinand Eibach, Editing by Rachel More