UPDATE 1-Volkswagen says to meet pretax target a year early

Newswire

(Adds details) FRANKFURT, July 27 (Reuters) - Volkswagen will meet its 2008 pretax profit target of 5.1 billion euros ($7 billion) a year earlier than planned as cost cuts boost results, the group said on Friday, sending its shares sharply higher. After reporting second-quarter operating profit surged to 1.74 billion euros, far better than consensus, Volkswagen said it would "significantly" exceed in 2007 the previous year's figure before special items as it goes on to sell over 6 ...

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