Volkswagen weathers pandemic with $10.7 billion profit

FRANKFURT, Germany (AP) — German automaker Volkswagen made 8.8 billion euros, or $10.7 billion, last year despite the pandemic. The company says the result is better than expected. Earnings and sales were still down from the year before in 2019. Volkswagen said the strong rebound from the pandemic in its biggest market China had helped it stay profitable despite production shutdowns in the early part of the outbreak in Europe. The company says that leaves it with plenty of cash. Shareholders will get the same dividend they did the year before of 4.80 euros per ordinary share.