Volkswagen Q3 Pre-tax Profit Down, Cuts FY21 Revenue, Delivery View; Stock Down

Shares of Volkswagen AG were losing around 3 percent in German trading after the automaker reported weak profit before tax in its third quarter reflecting lower sales revenue, production and deliveries amid the the ongoing chip shortage. Looking ahead for fiscal 2021, Volkswagen reduced the sales revenue forecast for the Group and the Passenger Cars Business Area.