Volkswagen Group Revenue Plunged by $34.5bn, the Biggest Drop in 2020

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The world’s largest automobile manufacturer, the Volkswagen Group sold the most cars in 2019, delivering 10.2 million sedans, sport-utility vehicles, and compact cars under its top passenger car brands, and almost 734,000 trucks in its three commercial vehicle brands. Statista data also revealed the German automaker hit a 25.4% market share based on new car registrations in Europe as of October.

Although the company managed to reduce the effects of COVID-19 in the first half of the year, the H1 2020 financial report still revealed severe losses. Between January and June, the Group’s sales revenue plunged by $34.5bn to $114bn, the heaviest fall among the top three automakers.

Revenue loss of the selected automobile manufacturers in 2020 – Volkswagen Group sales revenue

Volkswagen Group Revenue Plunged by $34.5bn, the Biggest Drop in 2020 Brandspurng1

Volkswagen Group Revenue Plunged by $34.5bn, the Biggest Drop in 2020 Brandspurng
Photo by Martin Katler

The COVID-19 outbreak caused a 27% drop in vehicle deliveries and an adjusted operating loss of $940 million in the first half of 2020, down from an $11.8bn adjusted operating profit in the year-earlier period, forcing the German automaker to slash its dividend.

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The Yahoo Finance data also revealed the Volkswagen Group market cap dropped by 17% in 2020, falling from $98.1bn in December 2019 to $80.8bn last week.

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Volkswagen Group Revenue Plunged by $34.5bn, the Biggest Drop in 2020 - Brand SpurVolkswagen Group Revenue Plunged by $34.5bn, the Biggest Drop in 2020 - Brand Spur

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Volkswagen Group Revenue Plunged by $34.5bn, the Biggest Drop in 2020 - Brand SpurVolkswagen Group Revenue Plunged by $34.5bn, the Biggest Drop in 2020 - Brand Spur

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- Advertisement -Volkswagen Group Revenue Plunged by $34.5bn, the Biggest Drop in 2020 - Brand SpurVolkswagen Group Revenue Plunged by $34.5bn, the Biggest Drop in 2020 - Brand Spur