Volkswagen is the world's largest carmaker.
Business Insider reports the company returned to profit in the third quarter.
This is thanks to surging demand for luxury cars such as Porsche and Audi in western Europe and China.
VW's chief financial officer, Frank Witter, warned that "the coronavirus remains a central problem."
VW said it's full-year 2020 profit would be "severely lower" than in 2019.
The profits would still be in "positive territory" after a second-quarter loss of 1.7 billion euros ($1.99 billion).
A series of cost-cutting measures launched earlier this year helped VW's performance during the third quarter.