保时捷营业利润暴跌99%，卖最好的燃油Macan却要停产

Core Viewpoint - Porsche has reported its most challenging financial results since going public, with a 99% drop in operating profit and significant losses in its core automotive business [5][18]. Financial Performance - In the first three quarters, Porsche's operating profit plummeted from €40.35 billion (approximately ¥333.95 billion) to €0.4 billion (approximately ¥3.31 billion), a year-on-year decline of 99% [18]. - The company recorded a third-quarter operating loss of €9.66 billion (approximately ¥80 billion), equating to a daily loss of about ¥86.96 million [20]. - Total revenue for the first three quarters was €26.864 billion (approximately ¥222.335 billion), a decrease of about 6% year-on-year, consistent with the decline in sales volume [13][14]. - The automotive sales revenue was €23.83 billion (approximately ¥197.224 billion), down 8% year-on-year, accounting for 88.71% of total revenue [14]. Sales and Market Trends - Porsche delivered 212,509 vehicles in the first three quarters, a 6% year-on-year decline, with significant drops in key markets like China, where sales fell by 26% [10][12]. - North America was the only major market to show growth, with a 5% increase in sales [11]. - The company plans to increase the proportion of electric vehicles to 20-22% despite current challenges [27]. Strategic Adjustments - Porsche is undergoing significant strategic adjustments, including a slowdown in its electric vehicle transition and a focus on more fuel and hybrid models [34][35]. - The company has incurred approximately €1.7 billion (approximately ¥14.1 billion) in additional expenses due to these strategic changes [37]. - Porsche has decided to discontinue the production of its best-selling model, the Macan, along with two other models, in a bid to realign its product strategy [46][47]. Future Outlook - The CFO has indicated that 2025 is expected to be a low point for Porsche's performance, but improvements are anticipated starting in 2026 [29][30]. - The company has revised its annual revenue target down to €37-38 billion (approximately ¥306-314.5 billion) with a profit margin of 0-2% [26].