On February 26, the German Volkswagen Group, Europe's largest vehicle manufacturer, released its 2020 financial report. In 2020, Volkswagen Group's after-tax profit was 8.82 billion euros, a 37% drop from 2019.
The financial report shows that the Volkswagen Group's operating revenue in 2020 was 222.9 billion euros, a year-on-year decrease of 11.8%; the number of new cars sold globally was 9.2 million, a year-on-year decrease of 16.4%.
Frank Vettel, a member of the Volkswagen Group’s board of directors, said that the decline in Volkswagen Group’s performance in 2020 is mainly due to the impact of the epidemic. At present, the Volkswagen Group has successfully controlled the negative impact of the epidemic on its business and laid a strategy for transformation and upgrading. basis.
The Volkswagen Group stated that the Chinese market is the largest single market, and its rapid recovery has reduced the impact of the epidemic on performance, making the Volkswagen Group’s operating performance better than expected. The Volkswagen Group stated that under the premise that the epidemic has been successfully contained, both the delivery volume and operating income of new cars in 2021 are expected to increase substantially.
According to data from the China Association of Automobile Manufacturers, in 2020, vehicle sales in the Chinese market were 25.311 million, a year-on-year decrease of 1.9%. The new crown epidemic has had a certain impact on the automobile industry. However, with the prevention and control of the epidemic and the promotion of national policies, the Chinese automobile market has gradually recovered. The annual growth rate of production and sales fell steadily, and the impact of the epidemic was basically eliminated. The year-on-year growth rate of sales for the year narrowed to less than 2%.
The Volkswagen Group was founded in 1938 and is headquartered in Wolfsburg, Germany. It has 68 wholly-owned and share-holding companies worldwide and currently employs more than 600,000 people. Its business areas include automotive research and development, production, sales, logistics, and service. , Auto parts, auto leasing, financial services, auto insurance, banking, IT services, etc.
In 1984, Volkswagen began to enter the Chinese market and established its first joint venture, Shanghai Volkswagen, which currently has 14 companies in China. The Volkswagen Group owns many well-known car brands, such as Volkswagen, Audi, Lamborghini, Bentley, Skoda, Porsche and so on.
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