VW CFO: We expect very bad second quarter

Monday, 15. June 2020 14:03

German multinational automotive manufacturing company Volkswagen AG said in its internal mail it estimates bad second-quarter results. However, Chief Financial Officer Frank Witter stated for Wirtschaftswoche he believes there will be a positive adjusted operating profit before special items in 2020.

The group stated that the coronavirus impacted its results adding: "Nonetheless there is hope for the second half of the year. The aim is at year-end, to have a positive operating result before special items."

Last week the company admitted that its global sales fell by 34% in May compared to the same month a year earlier to land at 609,400 units.

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Breaking the News / TF