Volkswagen posted a $6.6 billion operating loss in the third quarter, its worst result in over a decade. The loss was driven by about $8.9 billion in one-off items, primarily a writedown of its Porsche stake. The company's operating margin fell to 3.8% in the first nine months of the year, down sharply from nearly 8% in 2022. Volkswagen had previously flagged $11.1 billion in total one-off costs and cut its 2026 profit margin forecast to no more than 1%.
CEO Oliver Blume plans to cut 100,000 jobs across the Volkswagen Group, which includes Audi and Porsche. Up to four German plants face closure. The company targets an 8%-10% operating profit margin by 2030.
Hyundai cut its 2026 vehicle sales target to 4.0 million units from 4.16 million, citing weaker global demand and production losses from labor disputes. Net profit dropped 24% year-over-year to 1.932 trillion won for the July-September period, missing analyst estimates. Global wholesale vehicle sales declined 11% in the third quarter, though U.S. retail sales rose 3.5%. The company lowered its operating profit margin target to 5.5%-6.5% from 6.3%-7.3%.
Toyota reported global sales and production declines for the third consecutive month in September. Global sales fell 2.2% to 860,107 vehicles while production dropped 3.2% to 889,079 vehicles. China sales plummeted 19.7%, extending an eight-month decline. The Middle East saw sales slump 29.8%, though U.S. sales rose 8.4%.
Carvana reported an 84% surge in third-quarter net income to $483 million on record revenue exceeding $8 billion, a 42% increase. The company sold 217,385 vehicles in the quarter, surpassing 200,000 for the first time. Carvana aims to sell 3 million vehicles annually by 2030 to 2035 and has acquired seven Chrysler-Dodge-Jeep-Ram dealerships since February 2025.