Volkswagen reports €5.86 billion third-quarter operating loss

Volkswagen reported an operating loss of €5.86 billion for the third quarter, with a €6.4 billion Porsche writedown accounting for much of the result. Coverage also points to lower sales, competition in China, restructuring costs and pressure on electric-vehicle profits.

• Volkswagen’s third-quarter operating loss was €5.86 billion, compared with €1.3 billion in the same quarter last year, according to DW; Euronews reported a €5.8 billion loss, compared with €1.1 billion a year earlier.· 2 sources
• The reports identify a €6.4 billion writedown related to Porsche as a major contributor to the loss.· 2 sources
• Quarterly revenue fell 6.3% to €75.3 billion. TNW reported deliveries down 14.3% to 1.89 million vehicles.· 2 sources
• Coverage cites competition in China and the costs of shifting to electric vehicles among the pressures on Volkswagen. TNW also reports that US import tariffs reduced operating results by about €2.1 billion in the first nine months.· 2 sources
• Volkswagen’s restructuring plans include substantial job reductions, but the reports give different figures: Euronews says 120,000 by 2030, while DW and TNW describe plans of around 100,000. Euronews says the restructuring would cost €31 billion.· 3 sources