Volkswagen's Q3 loss widens to more than $6.5 billion, raising restructuring stakes
Volkswagen reported a third-quarter operating loss of €5.9 billion ($6.59 billion), compared with €1.3 billion a year earlier, as revenue fell 6% to €75.3 billion. CEO Oliver Blume plans 100,000 job cuts and up to four German plant closures.
1. Quarterly results
Volkswagen posted an operating loss of €5.9 billion in the third quarter, its worst result in more than a decade. Special items totaled around €8 billion, largely linked to a writedown on its stake in subsidiary Porsche. Sales revenue fell 6% to €75.3 billion, and shares fell 2% after the report.
2. Restructuring plans
CEO Oliver Blume plans 100,000 job cuts across Volkswagen and its brands, including Audi and Porsche, and up to four German plant closures. The plans have met fierce union opposition, with possible strikes from early next year. Finance chief Arno Antlitz said Volkswagen's operating return on sales after nine months, before special items, was 3.8%, which he said was not enough in the long term.
3. Earlier cost outlook
Last month, Volkswagen flagged €10 billion in one-off costs and cut its 2026 profit margin forecast to a maximum of 1%.
