Volkswagen shares fall on consideration to close Brussels factory

A Volkswagen logo is seen during the press preview of the New York International Auto Show, in Manhattan, New York City, U.S., March 27, 2024.

David Dee Delgado | Reuters

Volkswagen Shares fell on Wednesday after the company issued a profit warning and announced it was considering the possible closure of an Audi factory in Brussels.

The company has lowered its operating return on revenue forecast to 6.5% to 7% from 7% to 7.5%.

The company noted that it is also considering restructuring or potentially closing its Audi plant in Brussels due to weak demand for the Audi Q8 e-tron line, the brand's all-electric offering.

According to Volkswagen, the costs of the proposed closure or finding an alternative use for the site, among other factors, could result in a loss of up to 2.6 billion euros ($2.81 billion) in the company's operating profit in fiscal 2024.

The carmaker's shares were down 1.45% at 10:27 a.m. London time on Wednesday.

This latest news item is being updated.

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