保时捷三季度巨亏10亿欧元：推迟电动化、精简人员能否破局？

Core Insights - Porsche, as a significant profit contributor to Volkswagen Group, reported a shocking loss of €966 million in Q3 2023, compared to a profit of €974 million in the same period last year [2][3] - The company's operating profit for the first nine months of 2023 was only €40 million, a drastic decline from €4.035 billion in the same period last year, with the operating profit margin plummeting from 14.1% to 0.2% [2][3] Financial Performance - In Q3 2023, Porsche's operating profit margin reached a record low of 18% in 2022 but fell significantly in 2023 [2] - The total special expenses for the year are expected to reach €3.1 billion, primarily due to strategic restructuring costs and increased tariffs [2][3] Strategic Challenges - The decline in performance is attributed to multiple factors, including product strategy restructuring, challenges in the Chinese luxury car market, and rising import tariff costs in the U.S. [2][3] - Porsche's strategic restructuring led to €1.8 billion in costs due to delays in electric vehicle launches and extended lifecycles for combustion and hybrid models [2][3] Market Dynamics - The Chinese market, Porsche's second-largest market after North America, is facing significant challenges, with a projected 3% decline in global sales to 311,000 units in 2024 and a 28% drop in sales in China [3][4] - The competitive landscape in China is intensifying, with domestic brands increasingly encroaching on the luxury segment [4] Cost Management - Porsche's gross margin per vehicle fell to 13.2% in Q3 2023, the lowest for the year, influenced by price wars and increased costs [5] - To mitigate these challenges, Porsche has initiated a layoff plan, cutting 2,000 temporary positions and planning to reduce 1,900 permanent roles in the coming years [5] Future Outlook - Porsche anticipates a maximum sales return rate of only 2% for the year, significantly lower than the 14% expected for 2024 [6] - The CFO forecasts a rebound in profit margins to "high single digits" (8%-9%) by 2026, with 2025 expected to be a low point [6]