VW denies report of plans to cut production

FRANKFURT (Reuters) - Volkswagen denied a German magazine report it was bracing for a slump in the economy and had told suppliers it was considering cutting production by 10 percent in the European autumn.

"The given scenarios are speculative and factually not correct," a spokesman for the German carmaker said on Sunday of the report in Automobilwoche.

The spokesman said the situation in some markets was "tense" and the coming months will be "significantly more difficult and demanding."

Automobilwoche gave no sources for its report.

In July, VW reported an increase in first-half deliveries across the multi-brand group of 8.9 percent to 4.45 million autos.

The Wolfsburg-based company, Europe's largest car maker, has a goal of boosting sales to 10 million vehicles by 2018 and to surpass Toyota Motor Corp and General Motors Co as the world's biggest carmaker.

Other European carmakers have ordered temporary shutdowns in response to a protracted sales slump.

(Reporting By Peter Dinkloh and Jan Schwartz; Editing by David Cowell)

Source: http://news.yahoo.com/vw-denies-report-plans-cut-production-152957751--finance.html

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