Volkswagen reported an after-tax loss of €5.822 billion for the third quarter on October 29, compared with a €1.072 billion loss a year earlier.
Quarterly revenue fell 6.3% to €75.277 billion from €80.305 billion. The operating loss widened to €5.860 billion from €1.299 billion, according to the company’s financial table.
For the first nine months, Volkswagen reported revenue of €233.378 billion and an operating profit of €71 million, down from €5.408 billion a year earlier.
The company said special items totaled €8.7 billion over the nine months, including €7.8 billion in the third quarter. They included a €6.4 billion noncash impairment of Porsche goodwill and approximately €1 billion in impairment adjustments on Chinese assets.
Third-quarter deliveries to customers fell 14.3% to 1.885 million vehicles. Automotive net cash flow was €1.228 billion for the quarter.
Volkswagen’s full-year outlook calls for about €315 billion in revenue and an operating return on sales of up to 1%. Those figures are forecasts, rather than completed annual results.
Sources: Volkswagen — October 29 Results and Financial Tables: https://www.volkswagen-group.com/en/press-releases/volkswagen-group-nine-month-results-underline-urgent-need-for-action-20799