Based on preliminary figures, the Volkswagen Group expects for the first quarter of 2020:

The Volkswagen Group has already implemented extensive counter measures to reduce costs. Securing liquidity has the highest priority and optimizing working capital and prioritizing investments are key focus areas.

The Volkswagen Group is planning the phased restart of production with enhanced safety standards for the workforce. As can be seen from the positive developments in China, economic recovery during the course of the year appears possible.

Due to the current developments, the Executive Board of Volkswagen AG assumes for now that the full year outlook for 2020, which was published with the 2019 Annual Report, can no longer be achieved.

It is currently not possible to determine when a new outlook can be made for the full year. The impacts resulting from the pandemic on customer demand, the supply chain and production cannot currently be accurately forecasted.