What Went Wrong at Volkswagen: €233B Sales, €71M Operating Profit

📉 Volkswagen Group brought in €233.4 billion in the first nine months of 2026 and kept just €71 million as operating profit. A year earlier it was €5.4 billion. In the third quarter alone, the operating loss was €5.86 billion. ❓ How does one of the biggest carmakers on Earth end up here, and what does that squeeze mean for the cars it builds next? 🚗 In chapter two of What Went Wrong, the Motor Faultline series, we follow the money: the €6.4 billion Porsche write-down that never left the bank, the 3.8% margin underneath it that finance chief Arno Antlitz calls too low to keep investing, the Volkswagen brand's own 1.3%, and the future plan CEO Oliver Blume presented. 👉 Stick around for the end: which part of this story is a bookkeeping event and which part could change the Volkswagens you can buy. 📊 Key numbers (nine months of 2026, Volkswagen Group): Revenue: €233,378 million (€238.7 billion a year earlier) Operating result: €71 million; before special items: about €8.8 billion, a 3.8% margin Special items: about €8.7 billion, €7.8 billion of it in the third quarter; Porsche goodwill write-down €6.4 billion (non-cash), about €1 billion more in China Result after taxes: −€2.72 billion (€3.4 billion a year earlier) Deliveries: 6,011,000 vehicles, down 9.0% Automotive net cash flow: €4.4 billion; net liquidity: about €33 billion at the end of September Brand margins: Skoda 8.3%, VW Commercial Vehicles 3.8%, Volkswagen passenger cars 1.3% (2.6% before special items), Seat and Cupra 0.1% Europe: electric orders up 39%, about 40% of the European order book ⚖️ The caveats: the €71 million is mostly one-time charges, not cash. Volkswagen is not broke. The reports do not say how much US tariffs cost, or how much of the gap between 9% fewer vehicles and only 2% less revenue comes from prices, mix or other businesses. 💬 Is Volkswagen's real problem that it bet too early on electric cars, or that it makes too many models in too many factories? Tell me in the comments. 🔔 If you want to see who made the call, and who pays for it, every time a carmaker gets it wrong, subscribe to Motor Faultline. The next chapter of What Went Wrong is about Nissan. Motor Faultline is an independent automotive documentary channel and is not affiliated with Volkswagen Group, Porsche, Skoda or any automaker mentioned. This video is for information only and is not financial advice. #Volkswagen #WhatWentWrong #MotorFaultline