Editor's note: An earlier version of this report incorrectly characterized the time period in which dealers experienced a 5 percent return on sales. That return is happening currently.
MUNICH — Volkswagen of America had its most profitable year in decades in 2020 and turned its first profit since 2012 in the U.S., thanks to a new lineup of more profitable crossovers and the knock-on effects of the pandemic, CEO Scott Keogh said.
The German automaker doesn't break out its performance by regions, but Keogh told journalists gathered here for the Munich auto show that the brand had a $700 million turnaround in 2020 from the previous year because of sales of the Atlas, Atlas Cross Sport and Tiguan crossovers.
"A few years ago, 16 percent of our mix came from SUVs, and now if you look at, year to date, 71 percent of our mix is coming from SUVs," Keogh said. "That's transformative because if you look at the profits that we make on the SUVs versus sedans, it's night and day."