VW Group sales revenue falls 11.8% to €222.9B in 2020

Friday, 26. February 2021 14:47

Volkswagen Group's sales revenue declined 11.8% year on year in 2020, the company announced on Friday. However, the German carmaker pointed out that it "successfully contained" the effects of the COVID-19 pandemic. The company's operating profit was down 43% in 2020 compared to the previous twelve-month period and came in at €9.7 billion. VW's earnings after tax plunged 36.4% to €8.8 billion.

In fiscal 2020, vehicle sales fell 16.4% to 9.157 while production of new units dropped by 17.8% to 8,900.

Volkswagen also revealed its outlook for 2021 and said it foresees a "significant" rise in deliveries which will lead to an increase in sales revenue year on year. "In terms of operating profit for the Group and the Passenger Cars Business Area, we forecast an operating return on sales in the range of 5.0–6.5% in 2021. For the Commercial Vehicles Business Area, we anticipate an operating return on sales of 4.0–5.5% before restructuring measures amid a significant year-on-year increase in sales revenue," the company stressed.

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