Turning COVID-19 corner, Volkswagen’s profit falls less than feared
FRANKFURT: Volkswagen reported on Friday (Jan 22) that its 2020 profit almost halved due to the impact of the pandemic, but a rebound in premium car sales in China and stronger deliveries in the fourth quarter helped keep the world's largest carmaker in the black.
The group said full-year operating profit, excluding costs related to its diesel emissions scandal, came in at €10 billion (US$12.2 billion), compared with 19.3 billion in 2019.
Analysts had expected a full-year 2020 operating profit of €4.8 billion, according to Refinitiv Eikon data.
Net cash flow at its automotive division was around €6 billion and car deliveries picked up towards the end of the year, the German group said in a statement.
"The deliveries to customers of the Volkswagen Group continued to recover strongly...