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Business at the Volkswagen Group and its brands was strongly affected by the Covid-19 pan-demic in the first half of 2020. Countermeasures initiated at an early stage to reduce costs and safeguard liquidity were successful and therefore reduced the effects of the crisis. Due to production consistently oriented toward customer demand, the Group achieved a strin-gent inventory management and thus a significant decrease in funds tied up in working capital. Overall, net liquidity in the Automotive Division could be risen by EUR 0.9 billion compared with the first quarter of 2020 to EUR 18.7 billion, also due to the issuance of hy-brid notes amounting to EUR 3.0 billion. Deliveries to customers fell year-on-year by 27.4 percent to 3.9 (5.4) million vehicles. As a result, sales revenue decreased by 23.2 percent to EUR 96.1 (125.2) billion. Operating result before special items amounted to EUR –0.8 (10.0) billion. The main reason for this development was lower unit sales caused by the sharp fall in customer demand. The fair value measurement of derivatives to which hedge accounting is not applied (in particular commodity hedges) and exchange rate effects of EUR –0.9 billion are virtually offset by a non-cash gain of EUR 0.8 billion on the contribu-tion of Autonomous Intelligent Driving (AID) into the autonomous driving joint venture with Ford. Special items relating to the diesel issue weighed on the operating profit with EUR –0.7 (–1.0) billion. Earnings before tax decreased to EUR – 1.4 (9.6) billion.

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Tel. +49 (0) 5361 / 9-18895
Dr. Christoph Ludewig
Deputy Head of Corporate Communications
Tel. +49 (0) 5361 / 9-87575