Volkswagen Group reported a €5.822 billion after-tax loss for the third quarter after booking €7.8 billion in special items, while deliveries in China fell 38.5% from a year earlier.
For July through September, the loss compared with €1.072 billion in the same period of 2025. The operating result was negative €5.860 billion. Revenue fell 6.3% to €75.277 billion from €80.305 billion, according to Volkswagen’s interim report.
Volkswagen recorded €8.7 billion in special items in the first nine months of 2026, including €7.8 billion in the third quarter. The report identifies a €6.4 billion non-cash impairment of goodwill allocated to the Porsche operating segment and a separate €1 billion non-cash impairment of assets at consolidated companies in China. Volkswagen said the China charge reflected lower expected volumes and transaction prices.
The company delivered 405,800 vehicles in China during the quarter, down from 660,300 a year earlier. Group-wide deliveries fell 14.3% to 1,885,300 vehicles. Volkswagen also cited global pricing pressure, stronger competition and a higher share of lower-margin electric vehicles among the pressures on earnings.
Volkswagen Group Chief Financial Officer and Chief Operating Officer Arno Antlitz said the company needed to respond swiftly. “We cannot afford to lose any time,” he said in the results release.
The company’s Future Plan 2030 sets a 9% operating-margin target and includes an analysis of a group-wide workforce adjustment of about 50,000 positions, including management roles. CEO Oliver Blume has said the worldwide figure is not a fixed target.
Volkswagen’s Sept. 18 forecast anticipated about €10 billion in special effects for 2026, including around €6 billion related to Porsche goodwill and roughly €2 billion in other effects. The company now forecasts full-year revenue of about €315 billion and an operating return on sales of up to 1%.
