Volkswagen reported a third-quarter loss of €5.8 billion, compared with a loss of about €1.1 billion in the same period a year earlier. Revenue fell 6.3% to about €75.3 billion. The group attributed the result to a more than €6 billion write-down at Porsche, restructuring costs and weaker sales, particularly in China.

Porsche expects lower future profits after selling fewer cars in China amid competition from Chinese brands and facing US import duties on aluminium and steel. Volkswagen brand deliveries fell by more than 14% to nearly 1.9 million vehicles in July through September; deliveries in China fell 38.5%, while group-wide deliveries declined 9% year on year.