An automobile assembly line worker wears a protective face mask as Volkswagen AG (VW) restart production at their headquarter factory in Wolfsburg, Germany, on Monday, April 27, 2020. Volkswagen is restarting output at its Wolfsburg car plant, the worlds biggest, with a labor leaders warning that political fallout from the coronavirus pandemic could be more harmful than production disruptions.
Volkswagen has reported an operating loss of 800 million euros ($940 million) for the first half of 2020 and cut its dividend as the coronavirus pandemic hammered car sales.
This compares to a profit of 10 billion euros for the same period last year. Group sales fell by 23.2% while deliveries plunged 27.4% year-on-year, with the percentage gap to last year’s performance falling consistently since May as worldwide shutdowns caused demand to crater.
At its annual general meeting in September, the German automaker will now propose a dividend per ordinary share for the fiscal year 2019 of…