Volkswagen sinks 5.8 billion pressured by China and Porsche devaluation

Volkswagen reported a significant loss of €5.8 billion in Q3, largely due to fierce competition in China and asset devaluation of Porsche. Extraordinary charges of €7.8 billion impacted results, with Porsche's operational instability causing a €6.4 billion accounting loss. The company also faced a €1 billion loss in Chinese assets amid aggressive local competition. Sales in China dropped by 38.5%, leading to an operational loss of approximately €5.9 billion. Volkswagen revised its financial targets, projecting a maximum operational margin of 1%, down from 4-5%. The company aims to save €31 billion through a global restructuring plan affecting up to 100,000 jobs.