In the third quarter: Volkswagen reports a loss of 5.82 billion euros
Billions in write-offs on Porsche, weak China business and expensive group restructuring: Europe's largest automaker is performing worse than expected. What's behind the deep red numbers.
Volkswagen reported a significant loss of around 5.82 billion euros in the third quarter, due to a massive write-down on its Porsche subsidiary, weak sales in China, and costs associated with a corporate restructuring. The company's revenue fell by 6.3% to 75.28 billion euros. The write-down on Porsche, valued at 6.4 billion euros, was a major contributor to the loss.
Volkswagen's sales also declined by 14.3% to 1.89 million vehicles, with a significant drop of 38.5% in China. The company had previously lowered its profit forecast for the year in September.
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.
