Porsche AG cut its guidance for the year once again to reflect the EU-U.S. trade agreement as well as potential price adjustments to shield its finances after the company took a hit of around $1.27 billion amid a host of challenges.

Volkswagen's embattled luxury brand Porsche cut its full-year profitability target on Wednesday after the EU's trade deal with U.S. President Donald Trump and reported a 400-million-euro ($462-million) hit from tariffs in the first half.

Porsche AG cut its outlook for the third time this year, with US President Donald Trump’s 15% tariffs on European autos piling further pressure on the maker of 911 sports cars.