Porsche Writedown Plunges Volkswagen Deeper Into The Financial Abyss - Jalopnik

Volkswagen sank deeper into the red in the third quarter, recording a $6.6 billion operating loss, its largest quarterly deficit since Q4 2015, as the automaker battles market pressure and a major restructuring. The results include about $8.9 billion in one-off items, most tied to a write-down of Volkswagen’s stake in Porsche, now worth less. Reuters reports fierce competition in China, annual tariff costs of billions of euros, and heavy European investment demands tied to the shift to electric vehicles are intensifying the challenge. CEO Oliver Blume plans to cut 100,000 jobs across the group; as many as four plants in Germany could close, with unions opposing the plan.