- Sales revenue from January to March fell to around EUR 19 billion (-11.9 percent)
- Operating profit remained positive at EUR 481 million (- 47.7 percent in comparison to previous year)
- Operating return on sales stood at 2.5 percent (previous year: 4.3 percent)
- COO Ralf Brandstätter: “After a solid start to the year, the global pandemic severely impacted our business as the quarter progressed. We are reviewing all our projects to reassess their importance to our short-term needs.”
- Chief Financial Officer Alexander Seitz: “Rigorous discipline with regard to expenditure and costs is more important than ever in the current situation. We remain on a solid financial footing.”
Volkswagen Brand – First-quarter sales revenue and profit down on previous year due to impact of Covid-19
Volkswagen Passenger Cars experienced a substantial impact on its business in the first three months of 2020 due to the Covid-19 pandemic. Despite a solid start to the year, deliveries to customers by the core Volkswagen brand decreased by around 25 percent to 1.1 million vehicles over the January to March period of 2020. In the same quarter, sales revenue fell by some EUR 2.6 billion (-11.9 percent) to around EUR 19 billion. The core brand’s operating profit remained positive. Standing at around EUR 481 million, it fell by 50 percent in comparison to the previous year’s figure before special items. The operating return on sales in the first quarter of 2020 was 2.5 percent (4.3 percent in previous year before special items).