German auto giant Volkswagen on Friday said it expected to see a "significant" sales increase this year as the industry bounces back from the coronavirus shock.

The VW Logo is pictured at the headquarters of German car maker Volkswagen in Wolfsburg on October 26, 2020. (Photo: AFP)

The 12-brand group also announced a net profit of 8.8 billion euros for 2020, a 37-percent plunge on the year before.

VW said it had been badly hit by global lockdowns in the early days of the pandemic, but the damage was mitigated thanks to a swift rebound in the key Chinese market.