00:01German carmaker Volkswagen has reported a loss of 5.8 billion euros in the third quarter,
00:08compared with a loss of 1.1 billion euros in the same period last year,
00:12as it struggles with intense competition from China.
00:16Volkswagen said its sales fell 6.3 percent to 75.3 billion euros,
00:21and overall vehicle deliveries fell 14.3 percent worldwide but collapsed almost 40 percent in China.
00:29Like its peers, Volkswagen has struggled with the costs of transitioning to electric vehicles,
00:34as well as falling demand and cutthroat competition in China, the world's largest car market.
00:40The 10-brand group warned of a 10 billion euro hit to its annual profit last month,
00:45driven mainly by a write-down to the value of its stake in Porsche.
00:50Volkswagen plans to cut 120,000 jobs across the group by 2030 in an effort to bring costs down,
00:58and revealed Thursday that the restructuring would cost it 31 billion euros.
