Volkswagen Cuts Dividend as Profits Evaporate in Pandemic Sales Slump

Volkswagen Cuts Dividend as Profits Evaporate in Pandemic Sales Slump
A Volkswagen Touareg is seen in a showroom of a Volkswagen car dealer in Brussels on July 9, 2020. Francois Lenoir/Reuters
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FRANKFURT—Volkswagen reported a second-quarter operating loss on Thursday as vehicle deliveries dropped by almost a third due to the COVID-19 pandemic, forcing the German carmaker to cut its dividend despite a gradual rebound in demand.

The multi-brand car and truck maker predicted a significant decline in full-year sales, even though it said it was seeing a gradual recovery globally as lockdowns eased.