VW cuts 2012 sales target on weak Europe

FRANKFURT (Reu-ters): German carmaker Volkswagen has cut its internal 2012 sales target slightly and by less than the 300,000 vehicles cited in a German newspaper, because of tough markets in Europe.

“Due to the continued tense market situation in western Europe, we have made slight adjustments but not nearly to the extent that is being speculated about at the moment,” a spokesman for Europe’s largest carmaker said on Friday.

German daily Handelsblatt reported that VW, which has not published a full-year sales target, had cut its expectations for full-year sales by 300,000 vehicles to 9.4 million globally.The paper cited company sources as saying VW cut its expectation for sales in Europe by 250,000 vehicles.

“The figures reported by Handelsblatt have no basis,” the VW spokesman said.

Volkswagen, on course to overtake U.S. rival General Motors this year as the world No.2, aims to sell a world-leading 10 million vehicles by 2018, up from the 8.36 million recorded last year, and push past Japanese group Toyota.