Porsche’s heavy quarterly loss brings Volkswagen’s profit to the lowest level in several years
Volkswagen Group announced that due to Porsche’s losses between July and September of this year, the company recorded a loss equivalent to 107 billion euros.
Porsche, a subsidiary of Volkswagen, reported last week that it incurred significant losses in the third quarter of this year.
The company is facing multi-billion costs due to a change in strategy and the extension of the production of combustion vehicles.
In the third quarter, Porsche recorded a loss close to one billion euros, and its net profit in the first nine months of the year has decreased by about 96% overall.
Overall, Volkswagen’s profit in the first nine months of the year fell by more than 60%, from 88 billion euros to 34 billion euros, and the operating profit, which is an important indicator of the company’s profitability, also dropped to 23%, whereas in the same period last year, this figure was still 54%.