Volkswagen logs Q3 operating loss of €5.86 billion on Porsche writedown

The Volkswagen Group on Thursday posted its worst quarterly numbers in more than a decade. The company reported an operating loss of €5.86 billion (roughly $6.53 billion) during July, August and September. One-off costs, not least a massive writedown in its stake in struggling sister company Porsche , explained the vast bulk of the losses. The world's second-largest carmaker is battling mounting competition from and falling demand in the core Chinese market. It is pursuing a major restructuring and downsizing program , trying to bolster falling profit margins, and executives said the difficulties highlighted the urgency of this process. "The nine-month results make one thing clear: We cannot afford to lose any time.