Volkswagen Group reported first-half operating losses of $940 million (800 million euros) this past Thursday due to a 27 per cent drop in vehicle deliveries. “The first half of 2020 was one of the most challenging in the history of our company due to the COVID-19 pandemic,” Frank Witter, VW Group Chief Financial Officer said. As a result, the OEM has announced that it will cut its dividend for 2019. Volkswagen subsidiary Audi, which started deep restructuring last year, also reported first half operating losses due to a significant drop in sales. (Source: Automotive News Europe) Read the original article…
