Sales revenue amounted to €222.9 billion (-11.8%) outperforming sales volumes (-16.4%), while operating profit (before special items) resulted in €10.6 billion (-45.0%), including €0.5 billion for restructuring measures.

In the Automotive Division, business model and capital management enabled strong net cash flow of €6.4 (-41.3%) billion, and the net liquidity was lifted by 25.9% to what the company calls “a very solid” €26.8 billion.

In 2020, Volkswagen sold 9.2 million vehicles (–16.4%), and its share of the global passenger car market increased slightly to 13%. 422,000 electric vehicles were delivered as part of the global e-offensive, three times as many as in 2019.

Factors which contributed to the 11.8% decrease year-on-year included a decline in sales volume, lower profits and higher cash outflows attributable to diesel, adverse factors, one-off expenses for restructuring measures, and falling volumes as a result of negative exchange rates. Positive factors were lower fixed costs. The share of operating profit attributable to the Chinese joint ventures amounted to €3.6 billion.

Outlook

Assuming the successful containment of the Covid-19 pandemic continues, The Volkswagen Group anticipates that deliveries to customers in 2021 will be up on the previous year. Challenges include competition, volatile commodity and foreign exchange markets, supply chains and emissions-related requirements.

Sales revenues of the Volkswagen Group and the Passenger Cars Business Area in 2021 are expected to be higher than the prior-year figure, with an operating return on sales in the range of 5 – 6.5% in 2021 in terms of operating profit.

For the Commercial Vehicles Business Area, a return on sales of 4 – 5.5% before restructuring measures amid a significant year-on-year increase in sales revenue is anticipated.