Car maker Volkswagen has bad numbers for the third quarter. These are the months July to September. In this time VW loses 5.82 billion euro. This is a very big loss.
There are many reasons for the minus. One reason is the brand Porsche. VW must write off much money on the value of Porsche. This is about 6.4 billion euro. This hits the result very hard.
VW also has big problems in China. People buy much fewer cars from VW there. The sale drops by nearly 40 percent. But China is a very important market for the group.
Also there is much competition worldwide. This pushes the prices for the cars down. The change of the group also costs much money. Chief of finance Arno Antlitz says: We must act fast now.
VW lowers its goals for the year 2026 early. The revenue is about 315 billion euro. This is less than in the year before. The group now wants to save costs.
