On the afternoon of October 29, Volkswagen Group released its results for the first three quarters of 2026. During the reporting period, it posted an operating loss of EUR 58.6 billion, with an operating margin of -7.8%. Operating profit for the first three quarters was EUR 71 million, down 98.7% year on year; after-tax loss was EUR 27.2 billion, compared with a profit of EUR 34.1 billion in the same period last year. Special items expenditure for the first three quarters was EUR 87 billion, including a EUR 64 billion impairment of Porsche goodwill. Excluding special items, the return on sales for the first three quarters was 3.8%. Net cash flow of the automotive business for the first three quarters was EUR 44 billion, up 145% year on year. Volkswagen Group lowered its full-year guidance, expecting 2026 revenue of about EUR 315 billion and a return on sales of at most 1%, below its previous forecast of 4% to 5.5%. Volkswagen Group proposed a cost plan of about EUR 31 billion, comprising five priorities: simplifying the model lineup, streamlining the organizational structure, reducing vehicle costs and indirect expenses, improving plant efficiency, and accelerating technology development. Based on current assessments, as many as 50% of models could be eliminated. The SEAT brand may be phased out, with no final decision yet. The group plans to cut about 100,000 jobs worldwide. Production allocation at four German plants—Emden, Zwickau, Hanover and Neckarsulm—cannot be guaranteed between 2031 and 2034. On the same day, Hyundai Motor disclosed its third-quarter results in Seoul: third-quarter sales of KRW 45.1 trillion and net profit of KRW 1.7 trillion. Nissan reported a 10% year-on-year decline in global sales in September to 250,000 vehicles. Toyota reported a 3.2% year-on-year decline in global production on a parent-company basis in September to 889,000 vehicles. Mercedes-Benz plans to launch an all-new all-electric E-Class in 2027, developed on a dedicated EV platform, with a plan to enter the Chinese market in the second half of 2027.