VW Says Profit Won’t Grow as BMW Sees Global Economy Woes

Volkswagen AG and Bayerische Motoren Werke AG predicted a “difficult” 2013 as the European auto market contracts, vehicle prices in the region drop and growth in China slows.

VW fell to almost a four-month low after Chief Executive Officer Martin Winterkorn said the automaker, Europe’s biggest, is confronting “tougher competition and difficult economic conditions.” BMW, the world’s largest luxury-vehicle manufacturer, sees conditions as “likely to remain challenging in many markets,” CEO Norbert Reithofer said.