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The firm reported a loss of €1.1bn in the same three-month period last year. Overall sales fell 6.3% to €75.3bn, the group said.
“The nine-month results make one thing clear: We cannot afford to lose any time. We must act quickly and decisively,” VW finance chief, Arno Antlitz, said in a video statement.
The results highlight the pressure on Volkswagen to overhaul its business model amid fierce competition in China rising annual tariff costs and the expensive shift to electric vehicles in Europe where Chinese rivals are also gaining ground.
More to follow…
Additional sources • AFP