FRANKFURT, Germany (AP) — German automaker Volkswagen says it returned to profit in the third quarter thanks to cost discipline and a rebound in global sales markets led by China after the lifting of the severe restrictions on activity in the early phase of the pandemic. After-tax profit was 2.75 billion euros ($3.23 billion), down from before COVID-19 but far better than the loss suffered loss in the quarter before. Chief financial officer Frank Witter said “cost discipline is bearing fruit” and cited the company’s cash strong cash flow, which gives it the resources to tackle the challenges bringing change to the auto industry, such as electric cars needed to meet new emissions requirements and digital services.
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October 29, 2020 at 04:36PM
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Volkswagen returns to profit as global auto markets recover - WXOW.com
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