Porsche trims outlook as tariffs add to 'storm' of challenges

BERLIN (Reuters) -Volkswagen's embattled luxury brand Porsche cut its full-year profitability target on Wednesday after the EU's trade deal with U.S. President Donald Trump and reported a 400-million-euro ($462 million) hit from tariffs in the first half. The burden of tariffs on car imports to the United States only added to Porsche's woes, as it undergoes a costly restructuring while facing weakness in its key market China and a sluggish transition to electric cars. Taking into account the newly agreed tariff of 15% from August 1, the German carmaker expects group sales this year in the range of 37 to 38 billion euros, in line with its previous forecast, and a return on sales of between 5 and 7%, down from a previously expected 6.5-8.5% range.