3/16, 7:22 AM (Source: TeleTrader)
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Volkswagen's revenue up 2.1% to €67.4 billion in Q4

Volkswagen announced on Tuesday that its revenue in the fourth quarter of 2020 stood at €67.4 billion, rising 2.1% from the same period a year earlier. Operating profit in the three-month period surged 134% year on year to €7.98 billion and profit before tax rose from €3.7 billion in the fourth quarter of 2019 to €9.4 billion in the same period in 2020. Vehicle sales were down 4.3% to 2.85 million units, deliveries declined 5.7% to 2.8 million units and production fell 2% to 2.8 million units in the three months to December.

For the full year 2020, the carmaker's revenue dropped 11.8% year on year to €222.9 billion. Operating profit came in at €10.6 billion, deliveries to customers slid by 15.2% to 9.3 million units from 2019 "almost exclusively" due to the COVID-19 pandemic.

"The Volkswagen Group again proved its robustness in 2020, despite the continuing challenges posed by the Covid-19 pandemic. Our operating profit before special items of more than €10 billion significantly exceeded the expectations at the peak of the pandemic in spring 2020," CFO Frank Witter stated.

Breaking the News / NP