Volkswagen AG says it will fail to meet its target of like-2003 profits from its Chinese operations. The auto maker blames the miss on the strong euro, which continues to erode its profitability. Like many other European auto makers, VW has been feeling the effects of the strong euro for the past two years. VW posted a first-half loss in North America as a result of the unfavorable foreign exchange situation and expects the impact to be even more negative in the second half.

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