Volkswagen's shares decline as it contemplates shutting down its Brussels plant due to low demand for electric vehicles.

• The company has revised its forecast for operating return on sales to a range of 6.5% to 7%, down from the previous range of 7% to 7.5%.
• The company is also considering the restructuring or potential shutdown of its Audi plant in Brussels due to weak demand for the Audi Q8 e-tron line.

The Audi plant in Brussels may be closed, causing shares to dip on Wednesday after the company issued an overnight profit warning.

The company has revised its forecast for operating return on sales to a range of 6.5% to 7%, down from the previous range of 7% to 7.5%.

The Audi Q8 e-tron line, a fully electric offering from the brand, is experiencing weak demand, which is leading the company to consider restructuring or shutting down its Audi plant in Brussels.

The potential closure of the site or the search for an alternative use could result in a loss of up to 2.6 billion euros ($2.81 billion) to Volkswagen's operating profit in the 2024 fiscal year, the company stated.

At 10:27 a.m. London time on Wednesday, the car manufacturer's stock price decreased by 1.45%.

This breaking news item is being updated.