One-time charges weigh on results
Reuters separately reported a third-quarter 2026 operating loss of €5.9 billion, reflecting about €8 billion in one-time charges. The news agency said Volkswagen had not recorded a quarterly deficit that large since the fourth quarter of 2015, when costs from the Dieselgate emissions-cheating scandal hit its results.
Volkswagen's nine-month figures show the broader earnings decline. Revenue for the first nine months of 2026 fell to €233.4 billion from €238.7 billion a year earlier, while its operating result dropped to €0.1 billion from €5.4 billion. Operating return on sales before special items was 3.8%.
Pressure in China and lower EV earnings
In China, consumers are increasingly choosing domestic brands that offer advanced technology at lower prices. Volkswagen's Anhui venture is losing money, and CFO Arno Antlitz said management aims to bring it back to at least break-even by 2030.
European electric-vehicle orders, meanwhile, have grown. Volkswagen said orders for battery-electric vehicles rose 39% in the first nine months of 2026. EVs account for about 40% of its European order bank, including around 150,000 orders for the new Electric Urban Car Family.
The group said it still earns less from electric vehicles than from combustion-engine cars. Its Future Plan includes a cost-cutting program of around €31 billion.
Job cuts and uncertain plant assignments
Volkswagen's supervisory board approved the "Zukunftsplan 2030" restructuring plan in September 2026. It calls for 50,000 additional job cuts worldwide, beyond the 50,000 agreed in 2024, bringing the groupwide total to about 100,000. Roughly half of the newly planned cuts are expected in Germany.
Future production assignments remain uncertain at Volkswagen's Emden, Zwickau and Hannover plants and Audi's Neckarsulm plant. Competitive follow-up work cannot currently be guaranteed at those sites, with the relevant dates staggered between 2031 and 2034. Alternative uses are under review.
The plan sets 2030 targets of 9 million vehicles in annual production and a 9% operating margin. Volkswagen also plans €135 billion in capital spending and research and development for 2027–2031.
In a separate September 2026 agreement, Volkswagen agreed to sell its Osnabrück plant to Israel-based Aurelius Capital and the State of Lower Saxony. The buyers intend to develop a center for security and defense solutions there. An initial project with Rafael Advanced Defense Systems would produce air-defense systems and components for Germany and Europe.
Vehicle production at Osnabrück is scheduled to end in summer 2027. The works council said the agreement gives more than 1,200 jobs a future at the site.
Shares approach a technical support level
Reuters reported that, as of October 29, 2026, Volkswagen shares had lost more than three-quarters of their value from their 2021 peak.
Ariva's technical analysis identified a clear downward trend and warned that a break below €65.90 could lead to further substantial losses. Its report listed Volkswagen's preferred shares at €68.66, down 2.25%, and ordinary shares at €68.35, down 2.08%.
