FRANKFURT, Germany — Volkswagen said Friday it made better than expected profit of $10.7 billion after tax in 2020 despite the pandemic.
The world’s No. 2 automaker said the rapid recovery of China, its largest single market, and resilient sales of luxury vehicles helped the bottom line.
The company gave an upbeat outlook for this year, saying it would carry momentum from the stronger second half of the year over into earnings going forward. It said it was striving for earnings in the top part of its forecast range of 5.0-6.5% returns on sales, and predicted sales revenue would be “significantly higher,” assuming successful containment of the COVID-19 pandemic.
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