UPDATE 1-Strong euro to hit VW's China profits in 2004

Newswire

(Combines conference call comments, adds share) By Christiaan Hetzner FRANKFURT, Aug 18 (Reuters) - Volkswagen AG will not be able to match its 2003 profits in China this year, Europe's biggest carmaker said on Wednesday, blaming a strong euro that has wreaked havoc on its results for the past two years. It also said its joint ventures with Chinese partners Shanghai Automotive and FAW would reduce costs by 410 million euros ($503 million) by the end of next year to counteract potential ...

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