Volkswagen reports nearly €6 billion loss in third quarter amid China competition

Volkswagen (VW), Germany's largest carmaker, reported third quarter losses of €5.8 billion ($6.46 billion), according to DW English.

The company has been struggling to keep pace with rising competition from Chinese automakers, which are gaining ground in the world's biggest car market.

VW is also facing difficulties transitioning to electric vehicles, which has contributed to its financial losses.

For comparison, Volkswagen had reported a loss of just over €1.07 billion in the same quarter last year, indicating a significant increase in losses.

Meanwhile, German Chancellor Friedrich Merz concluded his tour of Asia with a visit to South Korea, as reported by DW English.