Car manufacturers: "We must act quickly and decisively" - VW reports billion-euro loss in the third quarter
The company cites special effects as the reason for the red numbers. The collapse of the Chinese market and increasing competition are also weighing on the automaker.
Volkswagen, Europe's largest automaker, reported a loss of 5.8 billion euros for the summer quarter, compared to a loss of 1 billion euros in the same period last year. The company's revenue fell 6.3% to 75.3 billion euros. The loss was attributed to one-time effects of 7.8 billion euros, including a 6.4 billion euro write-down on the value of its Porsche subsidiary. Volkswagen's financial chief, Arno Antlitz, said the company must "act quickly and decisively" to address its challenges.
Written by urgent.news from Handelsblatt's report — not a translation of it. Machine-written — may contain errors; check the original before relying on it.
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