Volkswagen has reported an operating loss of 800 million euros ($940 million) for the first half of 2020 and cuts its dividend as the coronavirus pandemic hammered car sales.
At its AGM in September, the German automaker will now propose a dividend per ordinary share for the fiscal year 2019 of 4.80 euros, down from a previously announced 6.50 euros.An automobile assembly line worker wears a protective face mask as Volkswagen AG restart production at their headquarter factory in Wolfsburg, Germany, on Monday, April 27, 2020.
At its annual general meeting in September, the German automaker will now propose a dividend per ordinary share for the fiscal year 2019 of 4.80 euros, down from a previously announced 6.50 euros. Frank Witter, member of the Group Board of Management responsible for Finance and IT, said the first half was "one of the most challenging in the history of our company" due to the Covid-19 pandemic.
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