Turning coronavirus corner, Volkswagen's profit falls less than feared

Volkswagen swung back to profitability in the third quarter on the back of soaring demand for luxury vehicles in China

Sales at Volkswagen rose 1.7% in December, at a time when new car registrations in Europe dropped nearly 4%.

Carmaker Volkswagen saw profits almost half last year due to the impact of the pandemic, but a rebound in premium car sales in China and stronger deliveries in the fourth quarter helped keep the world's largest carmaker in the black.

The group said operating profit, excluding costs related to its diesel emissions scandal, came in at €10bn compared with €19.3bn in 2019.