The Strategist

Volkswagen net profit grows by 15.4% in 2019

03/17/2020 - 09:32

The after tax profit of the largest European automobile concern Volkswagen Group increased by 15.4% in 2019 compared to the previous year - up to €14.03 billion, according to the financial statements of the manufacturer.

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The car giant's revenue for the reporting period grew by 7.1% to €252.6 billion. Operating profit reached €16.96 billion, an increase of 21.8% compared with a year ago. Volkswagen group car sales for 2019 increased by 0.5%, to 10.956 million units.

Volkswagen notes that the group successfully completed 2019 with improved financial results for almost all brands.

“The current year 2020 is very difficult. The coronavirus pandemic presents us with unknown operational and financial challenges. At the same time, there are concerns about the economic consequences of the virus,” the company said in a statement.

Volkswagen is Europe's largest automaker, which unites brands such as Volkswagen, Audi, Skoda, Seat. The division of the corporation for the production of luxury cars includes well-known brands Lamborghini, Bentley, Bugatti. The company also manufactures trucks through the Volkswagen Commercial Vehicles division, as well as the Scania brand.