Volkswagen saw profits halve in 2020

The Volkswagen Group saw its profit halve last year. This was partly because the company had to close factories due to the outbreak of the corona virus and due to the worldwide collapse in sales.

The operating profit of the Volkswagen Group, the largest car manufacturer in the world, amounted to € 10 billion last year. A year before, the group had a profit of € 19.3 billion. The good results were mainly achieved in the second half of the year. The manufacturer was still in the red for the first six months of 2020. The company was particularly painful in the spring, with the month of April as the low point, when sales almost halved. During that period, Volkswagen also had to close many of its factories to prevent the spread of the corona virus.

Since then, the carmaker has recovered from the blow it received in the spring. Profits were made again in the third quarter. In December, sales had even increased by 1.7 percent, while the automotive sector as a whole had to do with a decrease of 4 percent. The company is also delighted that the number of delivered cars in the fourth quarter was higher than in the third quarter.

Over the year as a whole, sales nevertheless fell 15.1 percent compared to 2019. Sales of electric cars were, however, well in the past year. Volkswagen also expects to be able to benefit significantly from the improving market in China this year.

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