Volkswagen: shares up after preliminary 2020 figures

(CercleFinance.com) - Volkswagen shares were up nearly 4% in afternoon trading on Friday after the German carmaker posted its preliminary full-year results.


Based on preliminary figures, the auto giant expects operating profit before special items related to diesel of around 10 billion euros for 2020, it said in a brief statement.

VW also reported an automotive net cash flow of around 6 billion euros, showing what it terms "a very positive development".

Volkswagen said it that has proved to be "quite robust" in the second half of 2020, despite the ongoing pandemic.

Deliveries to customers continued to recover strongly in the fourth quarter, even exceeding deliveries of the third quarter, it added.

Investors were pleased with the news, and the shares jumped 3.8% on Germany's blue-chip DAX index.

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