VW announces return to profit
Volkswagen has announced a sales recovery in the third quarter of the year.
After the pandemic-related slump in the first half of the year, business performance at the Volkswagen Passenger Cars brand recovered from July to September with 1.5 million vehicles delivered worldwide, down just 2.7% on the same period last year.
The gradual recovery is also reflected in the brand’s financial key performance indicators: sales revenue amounted to €47.2bn after nine months, down 27.9% on the previous year. After the first six months of the year, a 35.3% drop had been recorded.
Alexander Seitz, CFO of the Volkswagen brand: “Despite the ongoing challenges from the Covid-19 pandemic, the brand returned to profitability in the third quarter. This is above all due to the systematic measures taken to cut costs and secure liquidity and the dedicated efforts of our employees, who gave their all to catch up on the backlog following the temporary shutdown in spring.”
