00:03
Speaker A
German carmaker Volkswagen has reported a loss of 5.8 billion euros in the third quarter, compared with a loss of 1.1 billion euros in the same period last year, as it struggles with intense competition from China.
00:23
Speaker A
Volkswagen said its sales fell 6.3% to 75.3 billion euros, and overall vehicle deliveries fell 14.3% worldwide, but collapsed almost 40% in China.
00:48
Speaker A
Like its peers, Volkswagen has struggled with the costs of transitioning to electric vehicles, as well as falling demand and cut-throat competition in China, the world's largest car market.
01:07
Speaker A
The 10 brand group warned of a 10 billion euro hit to its annual profit last month, driven mainly by a right down to the value of its stake in Porsche.
01:21
Speaker A
Volkswagen plans to cut 120,000 jobs across the group by 2030 in an effort to bring costs down, and revealed Thursday that the restructuring would cost it 31 billion euros.
