Market cap of world's top five carmakers plunges $63bn

An employee leaves the Volkswagen factory in Mexico when it shut in March due to the coronavirus. Picture: REUTERS

The world's largest automobile manufacturer, the Volkswagen Group, managed to reduce the effects of Covid-19 in the first half of the year, but sales revenue decreased by 23.2% since January, reaching €96.1bn at the end of the second quarter of the year. Until the end of June, the Volkswagen Group reported a significant year-on-year decline of 27.4% in its deliveries to 3.9-million vehicles.

Toyota, the world’s second largest automaker, lost $15.4bn in market capitalisation amid the Covid-19 outbreak, falling from $196.9bn in December 2019 to $181.5bn. The company's financial results revealed the smallest quarterly profit in nine years as the coronavirus pandemic halved its car sales.

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