Volkswagen slumps deeper into the red on Porsche writedown
Volkswagen reported a third-quarter operating loss of €5.9 billion, compared with a €1.3 billion loss a year earlier, after about €8 billion in one-off items, largely tied to a writedown of its Porsche stake. Revenue fell 6% to €75.3 billion.
1. Quarterly loss deepens
Volkswagen posted a €5.9 billion operating loss for the third quarter, its largest quarterly deficit since the fourth quarter of 2015. The result included about €8 billion in one-off items, largely linked to a writedown of its stake in Porsche. Revenue fell 6% to €75.3 billion.
2. Restructuring pressures
Finance chief Arno Antlitz said the nine-month results showed the company could not afford to lose time and must act quickly. Volkswagen’s operating return on sales margin was 3.8% in the first nine months, before one-off items; the company is targeting an 8%-10% margin by 2030. CEO Oliver Blume plans to cut 100,000 jobs across the group, and up to four German plants face closure.
