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The VW Group is visibly monitoring the consequences of the Corona raid better. After the drastic drop in the spring, the largest automaker in the world again posted a profit for the months of July to September.
Net profit attributable to shareholders was just under € 2.6 billion in the third quarter. For comparison: between April and June, the Volkswagen Group had to report a loss of around 1.6 billion euros. Especially in April, following the first crown lockout, the conveyor belts had been standing still for weeks and car dealerships had also been closed in many places.
Meanwhile, VW has largely managed to dispose of its backlog in warehouses and, thanks to purchase bonuses for hybrid and electric cars, resell more cars. Sales in the third quarter of the year were just over 59 billion euros, 3.4% below the level of the previous year, but this is a significant improvement over the previous quarter, when it was recorded. a decrease of 37% compared to 2019.
“The Volkswagen Group’s business remains severely affected by the Covid 19 pandemic after nine months,” said CFO Frank Witter. At the same time, there is a “clear upturn trend” in the third quarter. Volkswagen had already announced that it would go black this year, despite the precarious situation of the international car markets.
The main brand VW Pkw also posted an operating profit in the third quarter. After losing billions in the second quarter of the year, the heart of the group achieved a result of over half a billion euros in ongoing business from July to September. On this basis, cars with the VW logo earned around 40 percent less than the previous year. In the second quarter, however, they had brought a loss of just under two billion euros.
The surprisingly good quarterly data was well received on the stock exchange: Volkswagen preferred stock rose by nearly three percent.
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