(AP Photo/Jens Meyer, file)FRANKFURT – Volkswagen said Friday it made better than expected profit of 8.8 billion euros ($10.7 billion) after tax in 2020 despite the pandemic.
2 automaker said the rapid recovery of China, its largest single market, and resilient sales of luxury vehicles helped the bottom line.
Manufacturing companies like Germany's three big carmakers — Volkswagen, BMW and Daimler — have seen their sales and earnings hold up better than those for services, tourism and air travel companies.
It tripled its sales of electric vehicles to 422,000 ahead of stricter European Union limits on emissions of carbon dioxide, the primary greenhouse gas blamed for global warming.
The company's brands include luxury carmakers Audi and Porsche, where profits per vehicle are higher than for more basic transportation.