Volkswagen's truck unit says it expects full-year loss on Covid-19

MAN's Truck & Bus unit, which is controlled by Volkswagen, expects an operating loss of 450 million to 650 million euros despite cost cutting measures.
By : Reuters
| Updated on: 29 Oct 2020, 11:10 AM
A Volkswagen (VW) logo sits on display in the visitors area of the Volkswagen AG e-Golf electric automobile factory in Dresden, Germany. (Bloomberg)
A Volkswagen (VW) logo sits on display in the visitors area of the Volkswagen AG e-Golf electric automobile factory in Dresden, Germany. (Bloomberg)
A Volkswagen (VW) logo sits on display in the visitors area of the Volkswagen AG e-Golf electric automobile factory in Dresden, Germany. (Bloomberg)
A Volkswagen (VW) logo sits on display in the visitors area of the Volkswagen AG e-Golf electric automobile factory in Dresden, Germany.

German truck maker MAN , which is controlled by Volkswagen, said on Wednesday it expects an operating loss of 550 million to 750 million euros in 2020, as the impact of the health crisis weighs on its business.

It also expects a substantial decline in full-year revenues, in anticipation of renewed substantial restrictions on the economy until year end as a result of the pandemic after suffering from a temporary production stop earlier this year.

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MAN's Truck & Bus unit expects an operating loss of 450 million to 650 million euros despite cost cutting measures, while the MAN Latin America operations are also expected to post a loss, the company said.

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First Published Date: 29 Oct 2020, 11:10 AM IST
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