Volkswagen drops 2020 targets as Q1 profits plunge on virus

German car giant Volkswagen on Thursday withdrew its 2020 financial targets as it warned of collapsing profits due to the coronavirus but said it plans to gradually restart production in coming weeks

First quarter operating profit fell around 80 percent compared with January-March 2019, to 900 million euros ($979 million), VW said in preliminary figures

With "standstill" in its retail network, sales fell around eight percent to 55 billion euros.(AFP) RUPRUP