| 25 February 2024, Sunday |

Volkswagen expects strong rebound in sales in 2021

Volkswagen, the world’s second-largest carmaker,  said on Friday it expects revenues and deliveries to rebound sharply in the current year, shrugging off the impact of the COVID-19 global pandemic.

The group added that its operating profit, stripping out special items related to the diesel scandal, dropped 45% to 10.6 billion euros ($12.83 billion) last year.

“In the past year the Volkswagen group has successfully contained the pandemic’s impact on its business while also making important strategic decisions for its transformation,” said finance chief Frank Witter.

Although the profit dropped, Volkswagen recommended keeping its dividend to shareholders stable for 2020 versus 2019, when it paid 4.86 euros per preferred and 4.80 per ordinary share, beating the 3.35 euro Refinitiv estimate for preferred shares.

Shares edged up on the news, turning positive and trading 0.3% higher at 171.60 euros by 1324 GMT.

($1 = 0.8260 euros)

  • Reuters