Volkswagen Group’s €5.86 billion third-quarter operating loss contrasted with gains at two peers, showing how Europe’s carmakers face sharply different earnings as they compete in China and at home.
Stellantis reported €37.611 billion in revenue, up 1% from the year-earlier quarter. Adjusted operating income rose to €256 million from €90 million. Despite the improvement, Stellantis posted a €453 million net loss and negative industrial free cash flow of €4.009 billion. Its adjusted margin was 0.7%; Enlarged Europe was the sole region without a positive adjusted margin. Reuters reported a 15% gain in Stellantis shares during the Oct. 28 session.
Renault Group revenue climbed 1.5% to €11.596 billion. Automotive revenue was essentially unchanged at €9.835 billion, while Mobilize Financial Services revenue grew 11% to €1.761 billion. Renault Group sales fell 6% to 497,799. Electric-vehicle sales rose 84.7%, accounting for 25.8% of passenger-car sales.
Volkswagen’s third-quarter operating loss widened from €1.299 billion a year earlier. Its operating result for the first nine months was €71 million, down from €5.408 billion in the same period of 2025. Special items totaled €8.7 billion over the nine months, including €7.8 billion in the third quarter. Among them were a €6.4 billion noncash write-down tied to Porsche goodwill and about €1 billion in asset impairments in China.
Volkswagen said conditions had worsened in China and competition had intensified in Europe. The company also said electric vehicles generated less profit than combustion models. Reuters reported that the European automotive index was near levels last reached amid the pandemic’s 2020 supply and demand disruptions. The outlet said Volkswagen, Stellantis and Renault had appealed to the European Union for support for regional manufacturing. Renault CEO François Provost told Reuters the bloc should decide on auto-sector support urgently.
Renault reaffirmed its 2026 outlook for an operating margin of about 5.5% of revenue and automotive free cash flow of about €1 billion. Stellantis maintained its 2026 guidance and said it expects positive industrial free cash flow in 2027.
