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

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Covid-19 closures cause combined values of VW, Toyota, Daimler, Ford and GM to plummet

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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