FRANKFURT, April 29 — German car giant Volkswagen said today it expects to defy the impact of the coronavirus pandemic with a small operating profit in 2020, although the figure will be “severely” impacted. The company withdrew existing full-year targets earlier this month as it released grim...
Logos of German carmaker Volkswagen seen at a VW dealership in the Queens borough of New York, September 21, 2015. — Reuters pic
The company withdrew existing full-year targets earlier this month as it released grim preliminary earnings data for January-March. In final first quarter figures released Monday, net profit at the sprawling 12-brand group fell 83 per cent year-on-year, to €517 million .“We’ve taken numerous counter-measures to cut costs and ensure liquidity and we continue to be robustly positioned financially,” finance director Frank Witter said in a statement.Across Europe’s major markets, car sales plummeted in March as lockdown measures imposed to slow the coronavirus’ spread wiped out swathes of everyday economic activity.
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