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German carmaker Volkswagen suffers its worst loss since the 'Dieselgate' scandal while Chinese rivals and costly electric cars bite

Volkswagen's vehicle deliveries fell 14.3% year-on-year to 1.89 million units in the quarter, with China sales down 38.5%, as the carmaker flagged €10bn in one-off costs for 2026.
Volkswagen's vehicle deliveries fell 14.3% year-on-year to 1.89 million units in the quarter, with China sales down 38.5%, as the carmaker flagged €10bn in one-off costs for 2026.

Volkswagen posted an operating loss of €5.9 billion for the July-September quarter — more than double analyst forecasts of €2.6 billion — driven by €8 billion in one-off charges largely linked to a write-down of its stake in Porsche. Finance chief Arno Antlitz warned that even stripping out those charges, the group's operating return on sales after nine months was just 3.8%, calling it unsustainable.

The loss is the worst since the 'Dieselgate' emissions scandal of 2015, with VW's Chinese joint ventures swinging from a €744 million profit to a €113 million loss in nine months.

Chief executive Oliver Blume has pledged to cut 100,000 jobs by 2030, close up to four German plants and halve the vehicle line-up — plans facing fierce union opposition and possible strikes from early 2027.

The 76-year-old Seat brand may be axed entirely, while Trump's tariffs and the costly electric-vehicle push are adding billions in annual pressure to an already stricken balance sheet.

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