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PRAGUE (Reuters) – Skoda Auto is experiencing symptoms of recovery after first-half deliveries fell 31 due to coronavirus blocking measures, Volkswagen-owned Czech automaker said Friday.
The company, an indicator of the Czech economy that contracted through a record 10.7% year-on-year in the current quarter, said it expected global markets to stabilize as long as the coronavirus pandemic does not worsen significantly.
Skoda delivered 426,700 cars from January to June, while cash fell a quarter to 7.550 billion euros ($8.95 billion) and operating profit fell 72 percent to 228 million euros.
He said his restart of operations since June had shown effects and that incoming orders had begun to exceed last year’s level. Demand from European distributors has increased, he added.
“In June, we were going to make significant profits compared to the previous months,” said Alain Favey, Alain Favey, Alain Favey, A who board member of Skoda. “We expect a recovery in the third quarter and expect to return to last year’s point in the fourth quarter.”
Skoda, the country’s largest exporter to deliver 1.24 million cars in 2019, said it is proceeding to implement the largest style crusade in its history, with 30 new styles, including electric cars, introduced between 2019 and 2022.
The company’s Czech factories closed for 39 days after the coronavirus pandemic hit Europe in March, a blow to an economy that relies heavily on the automotive industry.
(Information through Jason Hovet; Editing through Jason Neely and Edmund Blair)