Volkswagen takes $3 billion hit but still expects to make a profit this year [CNNMoney.com]
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Source: CNNMoney.com
Volkswagen takes $3 billion hit but still expects to make a profit this year London (CNN Business) Volkswagen still expects to post an operating profit this year despite the "unprecedented crisis" triggered by the coronavirus pandemic , which slammed sales and earnings in the first quarter. The world's largest carmaker said Wednesday that first-quarter operating profit plummeted to €904 million ($978 million) from €3.9 billion ($3.3 billion) a year ago, as vehicle sales fell. It warned that profit for the full year would be considerably below 2019, but still positive. Volkswagen ( VLKAF ) , which also owns the Audi, Porsche and Seat brands, said group vehicle sales fell 25% to 1.9 million. Deliveries to customers were down 23% at 2 million. The world's biggest car factory just reopened. Here's what Volkswagen had to do "The global Covid-19 pandemic substantially impacted our business in the first quarter. We've taken numerous countermeasures to cut co
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