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Volkswagen posts $6.5 billion loss as China slump, Porsche writedown bite
Automaker Volkswagen posted a 5.8 billion euro (USD 6.5 billion) after-tax loss for the July-September quarter as large one-time charges piled on top of weak demand in China, US tariffs and lower profits from electric vehicles. The results announced Thursday underline the challenges facing the company as it seeks to cut costs through a restructuring that could mean the loss of up to 100,000 jobs and the closure of four German plants. Chief financial officer Arno Antlitz said in a statement that…
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