Volkswagen posts €5.8 billion quarterly loss after Porsche write-down
Deliveries fell 14.3% as the group faced weaker sales in China, US tariffs and lower earnings from electric vehicles.
Volkswagen reported an after-tax loss of €5.8 billion for the third quarter, driven by a €6.4 billion impairment tied to Porsche. The group’s nine-month results showed a deeper quarterly loss than the €1.1 billion recorded a year earlier.
Revenue declined 6.3% to €75.3 billion, while vehicle deliveries fell 14.3% to 1.89 million. Volkswagen recorded an operating loss of €5.9 billion and quarterly one-off charges totaling €7.8 billion.
The Porsche impairment was a non-cash reduction in goodwill after the luxury brand revised its long-term plans and lowered volume assumptions, according to Volkswagen’s interim report. Volkswagen had warned of the charge in September, when it lowered its 2026 margin outlook from 4% to 5.5% to a ceiling of 1%.
China deliveries dropped 38.5% to 405,800 during the quarter, the group’s figures showed. Volkswagen faces strong price competition from Chinese automakers and is incorporating technology developed in China into new models.
US import tariffs reduced the operating result by about €2.1 billion over the first nine months. Chief financial officer Arno Antlitz said electric vehicles generated lower earnings than combustion-engine models, putting pressure on profitability. Electric models accounted for 40% of the group’s order book, he said.
Volkswagen retained its 2026 outlook for revenue of about €315 billion and an operating margin no higher than 1%. Antlitz cited a cost program worth around €31 billion involving a smaller model range, simpler organizational structures and improved plant efficiency.
