Billions in losses for Volkswagen

Volkswagen reported a significant loss of €5.8 billion in Q3, primarily due to a write-down at Porsche, weak performance in China, and restructuring costs. Revenue fell by 6.3% to €75.28 billion. The company faces declining demand in China, with sales dropping 38.5% from July to September. Globally, sales decreased by 14.3% to 1.89 million vehicles. Volkswagen has revised its profit outlook, expecting only 1% operational profit instead of the previously projected 4-5.5%. The automaker is restructuring to reduce production capacity in Europe, potentially leading to 100,000 job losses.