Volkswagen loss widens more than expected in Q3, raising restructuring stakes

Volkswagen widened its operating loss in the third quarter, deepening a crisis at the world’s second-largest automaker as it prepares a major restructuring. The company reported an operating loss of €5.9 billion ($6.59 billion) for the three-month period, far worse than Visible Alpha analysts’ forecast of a €2.6 billion loss, after a €1.3 billion loss in the prior-year period. Sales revenue fell 6% to €75.3 billion, also exceeding expectations. Finance chief Arno Antlitz said the company must act quickly, while CEO Oliver Blume plans 100,000 job cuts across the group, including Audi and Porsche.