Audi AG said on Sunday that signs of recovery were evident in sales from July to September after months of halt due to the Coronavirus pandemic. For the full year, however, the German automobile manufacturer forecasts its sales to remain under pressure. Chairman Markus Duesmann of Audi said:
“We will not be able to compensate worldwide the heavy losses of the months of April and May in the full year, despite our distributors doing a really good job.”
Audi’s parent, Volkswagen Group (ETR: VOW3) closed about 0.5% down in the stock market on Friday. Shares of the company are now exchanging hands at £125 per share after recovering from a low of £80 per share in mid-March. In comparison, the stock had started the year at a much higher per-share price of £164 per share. Trading stocks online is easier than you think. Here’s how you can buy shares online in 2020.
At the time of writing, Volkswagen is valued at £65 billion and has a price to earnings ratio of 13.10.
Audi performed the best across global operations in September
According to Automobilwoche, the premium car brand performed the best across global operations in September this year. In China, sales picked up significantly in recent months as the government lifted COVID-19 restrictions. Consequently, Duesmann expressed confidence on Sunday that Audi’s annual sales in China are likely to end up on a slightly positive note in 2020.
In separate news from the German auto industry, labour chief Michael Brecht of Daimler AG said on Saturday that European lawmakers must encourage countrywide charging infrastructure for electric cars on top of committing to lowering carbon dioxide emissions.
The COVID-19 crisis that has so far infected more than 37 million people worldwide and caused over 1 million deaths has wreaked havoc on the global auto industry this year.
Nissan reports a 5.1% increase in monthly sales in China
Nissan Motor reported its first annual loss in over a decade this year. In its report published in May, it had expressed plans of reducing production capacity by 20%.
On Sunday, however, Nissan said that in China, it noted a 5.1% year over year increase in sales last month. The Japanese automaker revealed to have sold 141,595 vehicles in China in September. Nissan is still struggling to pull out of challenges attributed to aggressive expansion drive set in motion by its ousted CEO Carlos Ghosn.
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