Volkswagen cut its annual outlook for the second time in less than three months on Friday, citing a weaker-than-expected performance at its passenger car division as pressure on Europe's top automaker continues to rise.

Volkswagen AG cut its guidance for a second time this year, warning that waning demand will undercut the German carmaker’s profitability as it squares off with unions over possible job cuts and unprecedented plant closures.

Volkswagen on Friday cut its annual outlook, citing a weaker-than-expected performance of its passenger car division as well as a deteriorating macroeconomic environment. Europe's largest carmaker now expects a profit margin of around 5.

Volkswagen on Friday cut its annual outlook for the second time in less than three months, citing the weaker-than-expected performance of its passenger car division as well as a deteriorating macroeconomic environment.

Germany's ailing Volkswagen Group on Friday cut its annual guidance for the second time in less than three months. The largest carmaker in Europe announced after the market closed that it now expects around 9 million vehicles to be sold this year.