Volkswagen Group posted on 29–30 October 2026 a €5.86 billion third-quarter operating loss — its weakest quarterly print since the 2015 Dieselgate scandal — driven by one-offs, chiefly a €6.4 billion non-cash goodwill impairment on Porsche, Deutsche Welle reports.

Sales revenue fell 6.3% to €75.3 billion. Deliveries, unit sales and production each dropped about 15% as the group cuts output to weaker demand. Over nine months, revenue is near last year (€233.4bn) but volumes (5.9 million units) are down 11%; BEV order intake nonetheless rose sharply.

Nine-month operating profit is only €0.1 billion versus €5.4 billion a year earlier; special items of about €8.7 billion (€7.8bn in Q3) explain the collapse — besides Porsche, roughly €1bn China-asset impairments and €0.3bn restructuring. Before one-offs, the nine-month operating margin was 3.8%.

CFO Arno Antlitz said the nine-month results show the group “cannot afford to lose any time” and must act fast. Pressures include fierce China competition, US tariffs (full-year hit seen near €2.8bn) and a costly EV ramp in Europe.

The Porsche writedown follows an impairment test after the subsidiary cut volume assumptions (including China) and capital costs rose. It is not a cash outflow, but it resets expectations for the group’s sports brand and raises the stakes of CEO Oliver Blume’s restructuring drive.

Image: Volkswagen plant Wolfsburg (Wikimedia Commons, CC BY 4.0).

Sources consulted: Volkswagen logs €5.86 billion Q3 operating loss on Porsche writedown - DW.