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Volkswagen posts 5.8bn euro loss as Chinese competition bites
FRANKFURT: German carmaker Volkswagen reported Thursday a loss of 5.8 billion euros ($6.5 billion) for the third quarter, down from a loss of 1.1 billion euros in the same period last year, as it struggles with intense Chinese competition. Sales fell 6.3 percent in the quarter to 75.3 billion euros, Volkswagen said. Overall vehicle deliveries fell 14.3 percent worldwide but collapsed almost 40 percent in China. Like its peers, Volkswagen has struggled with the costs of transitioning to electric vehicles as well as falling demand and cutthroat competition in China, the world’s largest car marke...
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