German carmaker Volkswagen has warned that the first quarter of 2004 will be poor and that beating its 2003 operating profit before special items during the year is an ambitious goal.
Europe's largest car maker said today it had won market share in the first two months of 2004 but said the first quarter would be "lousy" and saw no signs of economic recovery.
Volkswagen forecast only a slight increase in vehicle sales for 2004 - excluding China.
