Operating profit was a loss of 5.86 billion euros, compared with a loss of 1.29 billion euros in the corresponding quarter last year. Analysts had forecast an operating loss of 5.67 billion euros.
Sales revenue during the quarter fell 6.3 percent to 75.3 billion euros, compared with expectations of 78.2 billion euros.
“The result makes one thing clear: We cannot afford to lose any time and must act quickly and decisively,” CFO Arno Antlitz writes in the report.
VW has a major savings package underway, including staff cuts and factory closures, aimed at reducing costs by 31 billion euros.
