Volkswagen Made A Profit in 2020 Despite The Corona Pandemic

With a surprisingly strong final spurt, the VW Group achieved a billion-dollar profit even in the difficult year 2020 and made up for the worst corona consequences for the time being.

But even if the result was better than initially feared: whether things will continue to improve after the intermittent slump due to sluggish sales, plant closings and damaged supply chains depends not least on the further development of the pandemic.

For a while there had been deep red numbers. In the end, however, Europe’s largest car manufacturer managed to turn the figures into positive territory. After taxes, 8.8 billion euros remained, according to the figures presented on Friday. If you take the year before the global spread of the virus as a benchmark, however, the corona damper becomes very clear. In 2019, the VW Group had achieved an after-tax result of a good 14 billion euros. The Group also has to accept noticeable losses in almost all other key figures.

VW‘s preferred stock received a boost. In the afternoon they turned positive in XETRA and at the close of trading in the DAX top group they increased by 1.13 percent to 173.02 euros.

Europe’s largest car manufacturer managed to turn the figures into positive territory. After taxes, 8.8 billion euros remained, according to the figures presented on Friday. If you take the year before the global spread of the virus as a benchmark, however, the corona damper becomes very clear. In 2019, the VW Group had achieved an after-tax result of a good 14 billion euros. The Group also has to accept noticeable losses in almost all other key figures.

VW‘s preferred stock received a boost. In the afternoon they turned positive in XETRA and at the close of trading in the DAX top group they increased by 1.13 percent to 173.02 euros.

On autonomous driving, Volkswagen is working with the US company Argo AI, which specializes in artificial intelligence. Ford has also invested there, and both partners want to share the development costs for light electric commercial vehicles. For example, the use of self-driving systems for collective shuttles and driving services is being targeted, similar to what the VW subsidiary Moia is offering today. “In the middle of this decade, our customers will be able to have autonomous vehicles take them to their respective destination in selected cities,” announced the manager Christian Senger.

 

Reviewer overview

Volkswagen Made A Profit in 2020 Despite The Corona Pandemic - /10

Summary

0 Bad!