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VW Group has overcome the fall of Corona for now | Free Press

Wolfsburg (dpa) – The VW Group is visibly better controlling the consequences of the Corona theft. After the drastic decline in spring, the world’s largest automaker reported more stable development for the months of July to September.

Net profit attributable to shareholders stabilized in the third quarter at just under 2.6 billion euros, as the company reported Thursday in Wolfsburg. Between April and June, the Volkswagen group crashed here with a loss of around 1.6 billion euros. The situation also eased in terms of sales, deliveries and ongoing business. Compared to the previous year’s figures, the pandemic is still clearly noticeable due to cautious customer demand.

Especially in April, as a result of the first corona lock, the conveyor belts had stopped for weeks and car dealerships were also closed in many places. Meanwhile, VW has been able to largely remove the backlog at camps and, thanks to the hybrid and electric car purchase bonuses, sell more cars.

Sales in the third quarter of the year were just over 59 billion euros, 3.4 percent below the level of the previous year, but that is now a notable improvement over the previous quarter, when there was still a fall of 37 percent compared to 2019. Group-wide deliveries recently declined 1.1 percent, which, however, after falling by nearly a third in the second quarter, also represented a clear stabilization.

Volkswagen brands outperformed the entire course from January to the end of September: at just under € 1.7 billion, the operating result was almost 90 percent below 2019. In the third quarter, however, the decline it was down to 29 percent, which was enough for an operating profit of around 3.2 billion euros. Special expenses such as “Dieselgate” costs were cut almost in half to 687 million euros, and in the third quarter this expense was no longer incurred.

You can see a “remarkable recovery,” the company said. However, development in 2020 remains critical due to weak demand: sales after three quarters of the year were 155.5 billion euros and therefore 16.7 percent below the level of the previous year, with deliveries that the VW Group posted a general disadvantage in late September. from 18.7 percent to about 6.5 million vehicles. For the month of September, the group had reported a slight increase in sales.

“The Volkswagen Group’s business remains severely affected by the Covid 19 pandemic after nine months,” said Chief Financial Officer Frank Witter. At the same time, there is a “clear recovery trend” in the third quarter. Volkswagen had already announced that it wanted to finish in the black this year, despite the precarious situation in the international car markets.

Major 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 more than 500 million euros in ongoing business from July to September. On this basis, cars with the VW logo earned about 40 percent less than the previous year. In the second quarter they had meant a loss of almost two billion euros.