Volkswagen cuts outlook on $11.5 billion one-off hit

Sept 18 (Reuters) – Volkswagen on Friday slashed its ​outlook, flagging €10 ‌billion ($11.5 billion) in one-off items related to ‌its ​stake in ⁠luxury sportscar ⁠maker Porsche, provisions for job cuts and a ​weak Chinese market.

Shares in ⁠Europe’s ⁠largest automaker ​fell 5.6% on ​the news.

The German-based group ‌now expects a profit margin of ⁠1% at the most in 2026, ⁠having ‌previously guided ⁠for 4.0% ​to ‌5.5%.

($1 = 0.8721 euros)

(Reporting ​by ⁠Tristan Veyet in Gdansk and Christoph Steitz; Editing by Kevin ​Liffey)