Volkswagen lost over 1 billion euros in the first half of the year

Volkswagen lost over 1 billion euros in the first half of the year

July 30, 2020 0 By autotimesnews

We learn about the state of affairs in the Volkswagen Group for the six months of 2020 from the published financial statements.

In the period from January to June this year, Volkswagen’s loss reached 1.019 billion euros against a profit of 7.168 billion euros recorded a year earlier. These are the actual statistics.

At the same time, the group’s revenue for six months fell by more than 23 percent – to 96.131 billion euros. Operating loss – 1.49 billion euros against a profit of 8.997 billion euros in 2019. The demand for cars of the Volkswagen group for the analyzed months “sank” by 30 percent: fans of the automaker purchased 3.736 million cars.

As for the 2nd quarter, during this period the Germans lost 1.536 billion euros, but a year ago, experts reported a profit of 4.115 billion euros. At the same time, the company managed to earn 41.076 billion euros (37% decrease in revenue). The carmaker’s quarterly sales fell 34.7% to 1.799 million vehicles.

The company itself explains these numbers with the COVID-19 pandemic and the subsequent industry crisis. Worldwide restrictions and quarantine measures have brought down car sales.

Previously, our portal said that the Volkswagen Beetle may return with an electric motor. The legendary car was no longer produced last year. The revival of the “Beetle” in a new quality is hinted at by the application filed by the automaker for the registration of the new trademark “e-Beetle”.