A spike in sales to Chinese customers helped Volkswagen rebound strongly from the disruption caused by the pandemic, the carmaker said Thursday, underlining China’s importance to the German economy. Sales in the first three months of 2021 rose 13 percent compared to a year earlier, to 62.4 billion euros, or $75 billion, while profit rose nearly sevenfold to 3.4 billion euros, the company said. Vehicle sales in China, which is Volkswagen’s largest market, rose more than 60 percent. As is typical for Volkswagen, the company’s Audi and Porsche divisions generated most of the profit. The luxury vehicles have a higher profit margin than the more affordable cars that account for most of Volkswagen’s volume.

Source: New York Times May 06, 2021 12:22 UTC