April 29, 2020 / 5:33 AM / a month ago

VW says expects to be profitable in 2020 as Q1 earnings drop

FRANKFURT, April 29 (Reuters) - Volkswagen on Wednesday said it expected to be profitable on a full-year basis even as the coronavirus pandemic caused first-quarter earnings to plunge.

Earlier this month, Volkswagen Group said car sales dropped by 23% on the year, causing operating profit to tumble 81% in the January to March period, forcing the car and trucks manufacturer to withdraw its outlook for 2020.

In February Volkswagen had said it aimed to achieve customer deliveries in line with the previous year, revenue growth of 4% in 2020 and slightly higher passenger car deliveries. (Reporting by Edward Taylor Editing by Michelle Martin)

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