Volkswagen expects strong rebound in sales, deliveries in 2021

[FRANKFURT] Volkswagen, the world's second-largest carmaker, on Friday said it expects revenues and deliveries to rebound strongly in the current year, shrugging off the impact of the coronavirus pandemic.

The group also said its operating profit, stripping out special items related to the diesel scandal, fell 45 per cent to 10.6 billion euros (S$17.07 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," finance chief Frank Witter said.

Despite the profit drop, 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 per cent higher at 171.60 euros by 1.24pm GMT.

REUTERS