Volkswagen ended the third quarter with an operating loss of 5.9 billion euros. The revenues of the European car manufacturer decreased by 6% compared to the corresponding period last year, to 75.3 billion euros. Both financial results and revenues deteriorated. The company faced a decline in demand in China, increasing competition in the electric vehicle segment and high restructuring costs. The simultaneous pressure on revenues and costs sharply limits the concern's ability to compensate for problems in individual markets. CEO Oliver Bloom plans to cut 100,000 jobs across the group. We are talking specifically about the intention to cut, and not about the dismissal of such employees that have already been carried out. The extent of the proposed optimization shows the severity of the crisis: the concern is trying to restructure costs in the face of weakening sales. The issue no longer boils down to one unsuccessful quarter. Volkswagen will have to simultaneously fight for customers and reduce the cost of its structure.

Volkswagen ended the third quarter with an operating loss of 5.9 billion euros. The revenues of the European car manufacturer decreased by 6% compared to the corresponding period last year, to 75.3 billion euros. Both financial results and revenues deteriorated. The company faced a decline in demand in China, increasing competition in the electric vehicle segment and high restructuring costs. The simultaneous pressure on revenues and costs sharply limits the concern's ability to compensate for problems in individual markets. CEO Oliver Bloom plans to cut 100,000 jobs across the group. We are talking specifically about the intention to cut, and not about the dismissal of such employees that have already been carried out. The extent of the proposed optimization shows the severity of the crisis: the concern is trying to restructure costs in the face of weakening sales. The issue no longer boils down to one unsuccessful quarter. Volkswagen will have to simultaneously fight for customers and reduce the cost of its structure.