The title is a bit misleading as the loss is attributed to write-downs at VW’s subsidiary Porsche of almost 5bn euros. These are non-cash provisions, meaning there is no outflow of liquidity.

In its report for the first nine months 2025, the company reports group sales revenue of €238.7 billion which is on a level with the previous year (which was €237.3bn), and says “growth in Europe and South America, downward trend in North America and Asia-Pacific.”