VW Group operating profit drops by half in 2020

VW Group operating profit drops by half in 2020


Volkswagen Group’s 2020 adjusted working revenue almost halved however the automaker stated its car deliveries continued to get well strongly within the fourth quarter.

Working revenue earlier than particular objects associated to the diesel-emissions scandal was about 10 billion euros ($12.2 billion), VW stated in a press release on Friday.

The automaker, whose manufacturers embrace Porsche, Audi and Bentley, had reported an working revenue of 19.three billion euros in 2019.

Automotive web money movement was about 6 billion euros ($7.three billion) in 2020, VW stated.

A strong gross sales restoration within the second half helped earnings regardless of fallout from the COVID-19 pandemic, the corporate stated.

“The deliveries to prospects of the Volkswagen Group continued to get well strongly within the fourth quarter and even exceeded the deliveries of the third quarter 2020,” VW stated within the assertion.

VW will report detailed full-year earnings and supply steering for 2021 on the finish of subsequent month.

Like its rivals, VW is going through a number of challenges as a result of coronavirus pandemic in addition to a world scarcity of chips wanted for manufacturing.

VW stated Thursday that it missed EU targets on CO2 emissions from its passenger automotive fleet final yr and faces a fine of more than 100 million euros.

Bloomberg and Reuters contributed to this report



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