European carmaker Volkswagen reported an operating loss of 5.9 billion euros in the third quarter, Reuters reports. The company's revenues decreased by 6% from year to year, to 75.3 billion euros. The deterioration in financial performance is due to a decline in demand in China, high costs of restructuring and increased competition in the electric vehicle market. As the crisis deepens, CEO Oliver Bloom plans to cut 100,000 jobs across the group.

European carmaker Volkswagen reported an operating loss of 5.9 billion euros in the third quarter, Reuters reports. The company's revenues decreased by 6% from year to year, to 75.3 billion euros. The deterioration in financial performance is due to a decline in demand in China, high costs of restructuring and increased competition in the electric vehicle market. As the crisis deepens, CEO Oliver Bloom plans to cut 100,000 jobs across the group.