关停充电站背后的战略转向：保时捷中国要“重返燃油”？

Core Viewpoint - Porsche China announced the gradual shutdown of its self-built charging network starting March 1, 2026, alongside the termination of its premium charging services, reflecting a strategic shift in response to declining performance in the luxury car market in China [1][3][4]. Group 1: Business Strategy - Porsche's CEO emphasized the "Winning Back China" strategy, indicating a focus on internal combustion engine models to strengthen brand value amid a 26% year-on-year decline in new car deliveries in China, totaling 32,195 units in the first three quarters [1][9]. - The decision to cease operations of approximately 200 self-built charging stations is based on an analysis of user charging preferences and facility usage efficiency, with plans to connect more third-party charging services for owners [3][4]. - Porsche aims to launch a large SUV positioned above the Cayenne, prioritizing internal combustion engine versions, while still planning to introduce a fully electric Cayenne at the 2026 Beijing Auto Show [10][11]. Group 2: Financial Performance - Porsche reported a loss of €966 million (approximately 8 billion RMB) in Q3, with total revenue of €26.86 billion, down 6% year-on-year, and operating profit of €4 million, a 99% decline [5][6]. - The company is adjusting its dealer network in China, planning to reduce the number of dealerships from 150 in 2024 to 80 by 2026, further indicating a strategic contraction [6][11]. Group 3: Market Dynamics - The luxury car market in China is experiencing a split, with sales of vehicles priced above 600,000 RMB declining by 19% and those above 1 million RMB dropping by 21% [9]. - Local brands are gaining a competitive edge through complete supply chains and rapid product improvements, posing challenges for Western manufacturers like Porsche, which has a higher price point [10][11]. - The overall trend among European car brands is to slow down their electrification strategies, influenced by recent proposals from the European Commission to relax the 2035 ban on gasoline vehicles [8].