Volkswagen, Porsche shares extend losses following profit warning

FRANKFURT, Sept 21 (Reuters) - Shares in Europe's top automaker Volkswagen continued to fall on Monday, following a profit warning that included a €6 billion ($6.88 billion) goodwill impairment at luxury sportscar division Porsche P911_p.DE

Volkswagen on Friday cut its profit margin outlook for 2026 to 1% at the most, down from a range of 4% to 5.5%, blaming a sluggish Chinese market, higher provisions for retirements as well as the dire situation at Porsche.

Shares in Volkswagen were 2% lower at 0713 GMT, while Porsche's stock fell 2.8%, extending Friday's declines. Shares in Porsche SE PSHG_p.DE - Volkswagen's biggest shareholder, which also slashed its outlook on Friday - were 3.5% lower.

($1 = 0.8715 euros)