Germany's embattled automotive giant Volkswagen fell further into the red ​in the third quarter, indicating a deepening ⁠crisis at the world's second-largest carmaker, which is facing major challenges across key markets as it embarks on a long restructuring.

Europe's top automaker reported an operating loss of 5.9 billion euros ($6.59 billion) in the quarter. Visible Alpha analysts had forecast a 2.6 billion euro loss, following a 1.3 billion euro loss a year earlier.

"The nine-month results make one thing clear: We ⁠cannot afford ⁠to lose any time. We must act quickly and decisively," finance chief Arno Antlitz said in a video statement.

Sales revenue also fell by a stronger-than-forecast 6% during the third quarter to 75.3 billion euros.

The results underscore the pressure on Volkswagen to overhaul its business model in the face ⁠of brutal competition in China, billions in annual tariff costs and a costly ramp-up of EVs in Europe, where Chinese ​rivals are also making gains.

CEO Oliver Blume plans 100,000 ​job cuts across the company, which includes the Audi and Porsche brands.

Up to four ⁠plants ‌in ‌Germany face closure under his plan, ⁠which has been met with ‌fierce opposition from unions and possible strikes from early next ​year.

Last month, Volkswagen flagged 10 ⁠billion euros in one-off costs, mostly linked ⁠to problems at Porsche, while slashing its 2026 ⁠profit margin forecast ​to a maximum of 1%.