Volkswagen's Q3 revenue drops 3.4% YoY to €59.4B

Thursday, 29. October 2020 07:43

The Volkswagen Group recorded sales revenue at €59.4 billion in the third quarter of fiscal 2020, slipping 3.4% compared to the same period last year, the company announced on Thursday.

Operating profit before special items slumped 33.9% annually to €3.18 billion, while earnings before tax landed at €3.61 billion, plunging 29% year-over-year. Deliveries to customers in the first nine months of 2020 fell by 18.7% year-on-year, to 6.5 million vehicles.

"The Volkswagen Group’s business continued to be heavily impacted by the Covid-19 pandemic in first nine months. At the same time, the clear recovery trend in the third quarter shows how robustly our company is positioned. Not only did we get a grip on the acute effects of the pandemic and achieved a return to profitability," Volkswagen Chief Financing Officer Frank Witter commented on the results.

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Breaking the News / TF