暴跌99%！超级巨头，发生了什么？

Core Viewpoint - Porsche's financial performance has drastically declined, with a 99% drop in operating profit for the first three quarters of the year, attributed to strategic restructuring costs, challenges in the luxury car market in China, and rising import tariffs in the U.S. [1][2] Financial Performance - Porsche's revenue for the first three quarters was €26.86 billion, a 6% year-on-year decline [2] - Operating profit fell to €40 million, down from €4.035 billion in the same period last year, resulting in a sales return rate of 0.2%, compared to 14.1% last year [2][3] - The company reported a total of 212,500 vehicles sold, a 6% decrease, with significant declines in key markets: a 26% drop in China (32,000 units) and a 16% drop in Germany (22,500 units) [2] Strategic Adjustments - Porsche is undergoing structural downsizing, planning to cut approximately 1,900 jobs at its Stuttgart headquarters by 2029, alongside the expiration of contracts for 2,000 temporary employees [3] - The company announced delays in the launch of certain electric vehicle models and extended the lifecycle of several fuel and hybrid models, incurring an additional €2.7 billion in restructuring costs [2][3] Industry Context - Other luxury car manufacturers are also facing challenges, with Mercedes-Benz reporting a 12% decline in global sales for Q3 and a 9% drop for the first three quarters [4] - BMW has lowered its 2025 performance expectations due to ongoing sales weakness and increased tariff costs [4] Future Outlook - Porsche plans to increase prices in the U.S. market to offset tariff impacts, which have already cost the company €300 million in the first nine months of the year, with an expected total loss of €700 million for the year [5] - The company aims for a significant improvement in profitability starting in 2026, following a strategic realignment [5][6]