UPDATE 1-Volkswagen confirms targets but sees challenges


(Adds comments from conference call, share price) FRANKFURT, Aug 24 (Reuters) - German carmaker Volkswagen reiterated its financial targets on Wednesday but said major challenges lay ahead and stressed the need to cut its manufacturing costs in order to compete globally. "We do expect an improved operating and pretax profit (in 2005)," Chief Financial Officer Hans Dieter Poetsch told an analysts' conference in London that was broadcast on the Internet, repeating what VW had said in late ...

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