Porsche swings to USD1.1bn quarterly loss

BERLIN: Porsche swung to a wider-than-expected operating loss in the third quarter, it said on Friday, plunging the German sports car maker deeper into crisis as it changes course on electric vehicles and battles to stem sinking sales in top market China.

The group’s operating loss stood at 967 million euros (USD1.1 billion) in the third quarter, down from a 974 million euro profit in the same period last year, burdened by expenses to cover a major rollback on its EV expansion announced last month.