Shares in Volkswagen fell more than 3 percent on Monday, to their lowest level since April 2020, after the German automaker cut its profit margin outlook for the current year, disappointing some investors, Reuters reported. .
Blaming negative effects from raw material hedges, Europe's largest auto group on Friday showed a return to sales of 7.0-7.3 percent, from the 7.5-8.5 percent it had previously forecast.
Volkswagen shares were 3% lower in Frankfurt at 08:00, leading the decline across the European auto sector, which fell 1 percent.
Volkswagen has said that raw material hedges led to a loss of 2.5 billion euros, which it will not be able to recoup by the end of the year.
