Core Viewpoint - Porsche, once hailed as the "most profitable car company in the world," is facing a severe operational crisis, with profits plummeting by 99% and a significant loss reported in the third quarter of 2025 [1][2]. Financial Performance - In the first three quarters of 2025, Porsche reported a loss of €9.66 billion (approximately ¥80 billion) and a drastic decline in sales profit from €40.35 billion to €40 million year-on-year, marking a 99% drop [1][2]. - The company's operating revenue for the first nine months of 2025 was approximately €26.86 billion, a 6% decrease compared to the previous year [2]. - The gross margin per vehicle fell to 13.2% in Q3 2025, the lowest for the year, indicating a significant erosion of brand value [2][4]. Market Dynamics - The Chinese market, once a key driver for Porsche, has seen a continuous decline in sales, dropping from 95,700 units in 2021 to 32,000 units in the first three quarters of 2025, a 26% year-on-year decrease [4][5]. - While the U.S. market showed some growth with 64,446 units delivered in the first three quarters of 2025, the impact of tariffs has diminished this growth, with additional costs reaching €300 million [4][5]. Strategic Challenges - Porsche's profit collapse is attributed to a combination of strategic missteps, external shocks, and market misjudgments [5][6]. - The company has shifted its strategy from a focus on electric vehicles to a more diversified approach, which has led to significant restructuring costs amounting to €2.7 billion in the first three quarters of 2025 [6][8]. - The management's decision to delay electric vehicle launches and extend the lifecycle of combustion engine models has resulted in a disconnect with market demands [8][10]. Management Changes - The announcement of the end of the "shared CEO" model and the potential appointment of Michael Leiters, who has extensive experience in product development, has raised market expectations for a turnaround [9][10]. Historical Context - Porsche has faced crises before, notably in the 1990s, and successfully revived its brand with the introduction of the Boxster, which attracted younger consumers [10][12]. - The current crisis is seen as a pivotal moment for Porsche, with the need to balance new energy product capabilities, intelligent experiences, and brand value to navigate the evolving market landscape [12][14]. Future Outlook - The company aims to regain its footing in the Chinese market by focusing on younger, digitally-savvy consumers and optimizing its dealer network [12][14]. - The success of Porsche's turnaround efforts will depend on its ability to adapt to changing consumer preferences and market conditions, particularly in the context of increasing competition in the electric vehicle space [12][14].
中年男人最爱的豪车，利润暴跌99%
3 6 Ke·2025-11-04 05:37