Volkswagen lowers sales forecast amid slowdown

Volkswagen AG has lowered its global sales forecast amid a slowdown in China and challenging markets in Russia and South America.

Deliveries will be about at the level of last year, the Wolfsburg, Germany-based carmaker said on Wednesday in a statement. It had previously forecast a moderate increase in vehicle sales this year.

The market woes come at a delicate time for the world's second-biggest auto manufacturer, which was shaken earlier this year by a power struggle that led to Chairman Ferdinand Piech's sudden resignation. The company is trying to boost profit before 2018 at its biggest unit, the namesake VW brand, and Chief Executive Officer Martin Winterkorn has said he'll slim the group's management structure.