Volkswagen expects unfavorable second-quarter, but sees hope for later period

Volkswagen expects a very unfavorable second quarter, but also sees a positive adjusted operating profit before special items for this year, Chief Financial Officer Frank Witter stated in an internal newsletter.

The coronavirus crisis had caused results to deteriorate in the second quarter, the automaker said.

“Nonetheless there is hope for the second half of the year. The aim is at year-end, to have a positive operating result before special items,” Witter informed the newsletter.

A Volkswagen spokesman confirmed the comments made by Witter, which were first reported in Wirtschaftswoche.

Volkswagen has already opened a number of plants across the world which were closed following the spread of the coronavirus, but is yet to resume plants in countries such as Mexico.