Group after tax profit at Porsche was back in positive numbers in the first nine months of 2020, at EUR437m though that was down significantly on the EUR3.52bn booked a year ago.

But it was nonetheless a healthy improvement on the first half loss of EUR329m.

As always, group result after tax was significantly influenced by the profit from the investment in Volkswagen AG of EUR505m versus EUR3.58bn a year ago.

"The business of the Volkswagen Group was affected by the COVID-19 pandemic in the first nine months of 2020, but made a noticeable recovery in the third quarter," Porsche said.

Net liquidity of the Porsche SE Group was EUR492m on 30 September 2020 (31 December 2019: EUR553m but this did not include either the dividend inflow to Porsche SE from Volkswagen AG of EUR756m or the Porsche SE dividend distribution of EUR676m euro. Both cash flows occurred in October 2020.

"The board of management of Porsche SE is still of the opinion that it is currently impossible to give a reliable and realistic forecast for the group result after tax for the fiscal year 2020. However, overall the Porsche SE Group expects a positive group result after tax for the fiscal year 2020," the automaker said.

"The forecast of the group net liquidity of Porsche SE remains unchanged. Without taking additional investments into account, it lies in a corridor of 0.4bn euro to 0.9bn euro as of 31 December 2020."