Volkswagen says exchange rates, high price of oil and most importantly low demand all factor into the company missing its target profits for 2004. VW says it will probably fall €.6 billion short. One main reason is that VW's China sales are plummeting with more automakers, mainly GM, making huge inroads in the once VW dominated country. Of course the company isn't doing so hot in the U.S. either, with vehicles like the Phaeton failing to gain a following. Heavy competition for stalwarts like the aging Jetta and Passat doesn't help either.
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