UPDATE 1-Volkswagen feels pinch from raw materials

Newswire

(Adds quotes, background) FRANKFURT, June 24 (Reuters) - Volkswagen is stepping up efforts to cut costs in the face of rising raw materials prices but still expects to feel the pinch, Europe's biggest carmaker said on Tuesday. "From today's perspective the impact resulting from (cost-cutting) will not compensate for current market prices," a spokesman said. VW's comments came amid a sell-off in European car sector stocks given renewed concerns over raw material prices, ongoing worries ...

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