Volkswagen: 2020 to be a 'very difficult year'
(CercleFinance.com) - After a "very successful year" for the Volkswagen Group in 2019, this year is expected to be "very difficult," the German carmaker warned on Tuesday.
"The corona pandemic presents us with unknown operational and financial challenges," said its board chairman, Herbert Diess.
In these circumstances, it has become almost impossible to make a reliable forecast, VW said.
For the auto giant, it is now uncertain how severely or for how long this will affect the group.
The announcement comes as Volkswagen said passenger cars brand sales revenue rose by 4.5% to 88.4 billion euros in 2019, while operating profit before special items increased to 3.8 billion euros, from 3.3 billion euros in 2018.
The Volkswagen share was down 0.5% in Frankfurt this morning, bringing its losses over the past month to 44%.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
"The corona pandemic presents us with unknown operational and financial challenges," said its board chairman, Herbert Diess.
In these circumstances, it has become almost impossible to make a reliable forecast, VW said.
For the auto giant, it is now uncertain how severely or for how long this will affect the group.
The announcement comes as Volkswagen said passenger cars brand sales revenue rose by 4.5% to 88.4 billion euros in 2019, while operating profit before special items increased to 3.8 billion euros, from 3.3 billion euros in 2018.
The Volkswagen share was down 0.5% in Frankfurt this morning, bringing its losses over the past month to 44%.
Copyright (c) 2020 CercleFinance.com. All rights reserved.