Volkswagen withdraws 2020 outlook after renvenue drop 8% in first quarter

FRANKFURT (Reuters) – Volkswagen Group on Thursday said that it was withdrawing its outlook for 2020 amid uncertainty related to the coronavirus outbreak which caused a fall in demand and group revenue to drop 8% in the first quarter of this year.

Volkswagen said it expected first quarter revenue at around 55 billion euros ($59.83 billion), down from 60.01 billion euros in the year-earlier period.

The full year outlook “can no longer be achieved”, Volkswagen said.

(Reporting by Tom Sims; Editing by Edward Taylor)