Source: FRANKFURT – Reuters
The German automaker, which owns the brands Audi, Bentley, Bugatti, Ducati, Lamborghini, Porsche, Seat and Skoda, said that the uncertainty about the repercussions of the epidemic means that it is impossible to make any expectations about its performance this year.
A Volkswagen council concluded that it was impossible for workers at their factories to keep a safe distance from each other to prevent infection, and recommended a production halt from Friday.
Volkswagen Group also said its operating profit for the whole year rose 22% to 16.9 billion euros ($ 18.5 billion) thanks to strong sales of cars with higher profit margins and lower diesel costs, in violation of an industry downward trend that is affecting competitors.
The profits came with the support of its Volkswagen, Porsche, Seat and Skoda brands which increased the profits from them, along with the return of its brand of luxury sports cars, Bentley, to profitability.