Frankfurt -- Germany's Volkswagen AG slashed its 2004 profit target yesterday following weak first-half financial results, but shares in Europe's largest auto maker climbed because many investors had feared even worse future guidance. To soften the impact, chief executive officer Bernd Pischetsrieder described the new operating profit forecast of 1.9 billion euros ($3.04-billion) before special items as a "worst-case" scenario based on sales of 5.1 million vehicles. Mr. Pischetsrieder is battling severe problems in North America, where the impact of the strong U.S. dollar, a price war and an aging model range led to a first-half operating loss of 503 million euros. VOW (GR) rose 45 cents to 33 euros. Reuters