Volkswagen reports quarterly loss of 5.8 billion euros

European carmaker Volkswagen reported a 5.8 billion euro loss for the third quarter on Thursday. Euronews reported that the firm faced intense competition from Chinese competitors during the three-month period. Overall sales for the group dropped 6.3 percent to 75.3 billion euros. [1]

The latest figures show a sharp decline compared to the previous year. According to Euronews, the company recorded a loss of 1.1 billion euros during the same three-month period last year. Volkswagen finance chief Arno Antlitz stated in a video message that the nine-month results show the firm cannot afford to lose time and must act quickly and decisively. [1]

Volkswagen Group is a German multinational automotive manufacturer based in Wolfsburg. The company operates as a publicly traded family business owned by Porsche SE, controlled by the Porsche-Piëch family. It offers financing, leasing, and fleet management services, and maintained the largest market share in Europe for over two decades while standing as the world second-largest automaker by sales in 2024. [3]

European car manufacturers have faced rising pressure from Chinese firms. As FTMQ News reported earlier, a record total of 20 Chinese vehicle brands attended the Paris Motor Show in October, where European automakers met heavy competition from overseas rivals. [7]