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Volkswagen: result in the black

The car manufacturer Volkswagen has presented figures for the third quarter of 2020 and the first nine months of the current year. A decrease in the number of deliveries from 8.0 million to 6.5 million is reported – a consequence of the COVID-19 pandemic, which hit the automotive industry particularly hard in the first half of the year. In terms of sales at Volkswagen, this means a decline from 186.6 billion euros to 155.5 billion euros. In operational terms, the Wolfsburg-based company has returned to profitability after three quarters, but at 2.4 billion euros, the operating profit is well below the 14.8 billion euros from the same period last year. Before taxes, the DAX-listed group reports a decline in earnings from 14.6 billion euros to 2.3 billion euros. Meanwhile, the net cash flow in the auto division has fallen from EUR 8.6 billion to EUR 1.4 billion, but has also returned to positive figures after nine months.

“After nine months, the Volkswagen Group’s business remains severely affected by the Covid 19 pandemic. At the same time, the clear recovery trend in the third quarter shows how robust our company is. We not only got the acute effects of the pandemic under control and managed to return to profitability. In this challenging situation, we have also succeeded in making significant progress in implementing our strategy, for example by further expanding e-mobility and strengthening our digital expertise, and in maintaining the necessary financial leeway for the considerable future investments. Depending on the further course of the pandemic, we are cautiously optimistic that we will be able to continue the stabilization of our business in the remaining months of the year and position the Volkswagen Group for the future, ”said Frank Witter, Group Board Member for Finance and IT at Volkswagen on Thursday.

VW expects an operating profit for 2020 as a whole, but it will be significantly lower than in 2019. Deliveries and sales are both expected to be significantly below the previous year’s figures.

At a glance – chart and news: Volkswagen (VW) Vz.

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