Volkswagen Takes $3 Billion Hit but Still Expects to Make a Profit This Year

An employee wears a face mask on the production line at the Wolfsburg plant in Wolfsburg, Germany, on April 27, 2020. Swen Pförtner/Getty Images

Volkswagen still expects to post an operating profit this year despite the unprecedented crisis triggered by the CCP virus pandemic, which slammed sales and earnings in the first quarter.

The world’s largest carmaker said on April 29 that first-quarter operating profit plummeted to €904 million ($978 million) from €3.9 billion ($3.3 billion) a year ago, as vehicle sales fell. It warned that profit for the full year would be considerably below 2019, but still positive.