VW’s China acceleration leaves Renault in the dust CGAThompson
Volkswagen reported an underlying first-half operating loss of 803 million euros on July 30 after suffering a 30% drop in vehicle sales due to the coronavirus pandemic.
The German carmaker predicted sales for the full year would fall significantly from 2019 levels, but added that as lockdowns eased, global sales have staged a gradual recovery. It proposed a dividend of 4.80 euros per ordinary share and 4.86 euros per preferred share, cutting its initial proposal of 6.50 euros per ordinary share, and 6.56 euros per preferred share.
French rival Renault posted a record net loss of 7.4 billion euros in the first half on July 30 due to the impact of the pandemic and heavy losses at alliance partner Nissan. Sales of Renault fell 34%, a result the company attributed mainly to the global Covid-19 crisis. Group operating losses, excluding losses deriving from its holding in Nissan, were reported at 2 billion euros, the company said.
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