Volkswagen lost about 5.9 billion euros at the operating level in the third quarter. DW put the loss at 5.86 billion euros, and Reuters rounded it to 5.9 billion. Each outlet said it was the carmaker's worst quarter since the Dieselgate emissions scandal in 2015.

One-off costs drove most of the loss. Reuters put them at about 8 billion euros. In its own release, Volkswagen said special items reached 8.7 billion euros in the first nine months, with 7.8 billion of that in the third quarter. The biggest piece was a 6.4 billion euro charge on the value of Porsche. Volkswagen also listed about 1 billion euros in charges tied to China and costs from the planned sale of its Osnabrück plant.

"We must fundamentally reshape our business model," finance chief Arno Antlitz said, Reuters reported. "Our financial performance leaves no room for delay." In a video statement quoted by DW, he said, "We must act quickly and decisively."

Chief executive Oliver Blume aims to cut about 100,000 jobs across the group, DW said. Up to four plants in Germany could close, and unions oppose the plan, DW said. Reuters said the board agreed the plan in September.

For the year, Volkswagen expects revenue of about 315 billion euros and an operating margin of up to 1%, the release said. Leaving out one-off items, its margin for the nine months was 3.8%. Weak markets in China, fierce price competition and a larger share of lower-margin electric cars all weighed on results, the company said.

Investors took the loss in stride because Volkswagen had flagged big one-off costs earlier this month, Reuters said. DW said the shares rose 2% by midday in Frankfurt, and Reuters put the gain at 1.7% at 7 a.m. ET. Moritz Kronenberger of Union Investment warned that more writedowns could come if business in China does not improve, Reuters reported.

What we know: Volkswagen posted its worst quarterly loss since 2015, driven by a Porsche writedown and China.
What we don't: Whether more writedowns will follow, and how fast the job cuts will come.