Volkswagen's Q3 loss widens to more than $6.5 billion, raising restructuring stakes

Volkswagen tumbled further into the red in the third quarter, posting its worst result in over a decade, as the world's second-largest carmaker battles seismic challenges across key markets and embarks ‌on a major restructuring. Europe's top automaker reported an operating loss of €5.9 billion ($6.59 billion) during the ‌three-month period, hit by special items totalling around €8 billion, largely linked to a writedown on the value of its stake in subsidiary Porsche .

"The nine-month results make one thing clear: We cannot afford to lose any time. We must act ⁠quickly ​and decisively," finance chief Arno ⁠Antlitz said in a video statement. Sales revenue also fell by 6% during the third quarter to €75.3 billion.

Shares fell ⁠2% after the quarterly report. The results underscore the pressure on Volkswagen to overhaul its business model in the ​face of brutal competition in China, billions in annual tariff costs and a costly ⁠ramp-up of EVs in Europe, where Chinese rivals are also making gains.

CEO Oliver Blume plans 100,000 job cuts across the ⁠company, which ​includes the Audi and Porsche brands. Up to four plants in Germany face closure under his plan, which has been met with fierce opposition from unions and possible strikes from ⁠early next year. Antlitz said even before the special items, Volkswagen's operating return on sales after nine months ⁠was just 3.8%.

"That is ⁠not enough in the long term," he added. Last month, Volkswagen flagged €10 billion in one-off costs, while slashing its 2026 profit margin forecast to ‌a maximum of ‌1%.

($1 = 0.8959 euros)