FRANKFURT, Germany—Volkswagen said Friday it made a better than expected profit of €8.8 billion ($10.7 billion) after tax in 2020 despite the pandemic. The world’s No. 2 automaker said the rapid recovery of China, its largest single market, and resilient sales of luxury vehicles helped the bottom line. The company gave an upbeat outlook for this year, saying it would carry momentum from the stronger second half of the year over into earnings going forward. It predicted earnings would be in the top part of its forecast range and that sales revenue would be “significantly higher,” assuming successful containment of the COVID-19 pandemic. The results underline the uneven impact of the pandemic. Manufacturing companies like Germany’s three big carmakers—Volkswagen, BMW, and Daimler—have seen their sales and earnings hold up better than those for services, tourism, and air travel companies. The earnings figure was off 37 percent from 2019. Sales revenue …
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