一代中产“人人都想要”的身份象征，过气了

Core Viewpoint - Porsche is experiencing a significant decline in sales and profitability, particularly in the Chinese market, which has historically been a stronghold for the brand. The company is struggling to adapt to changing consumer preferences and increasing competition from domestic electric vehicle manufacturers [1][2][3]. Group 1: Sales and Financial Performance - Porsche's sales revenue for the first three quarters of 2025 was €26.86 billion, a year-on-year decrease of 6% [1]. - The operating profit plummeted to €40 million, down 99% from €4.035 billion in the same period last year, resulting in an operating margin of only 0.2%, compared to 14.1% a year earlier [1]. - Global deliveries for Porsche fell by 6% to 213,000 vehicles, with significant declines in key markets: a 26% drop in China, a 16% drop in Germany, and a 4% drop in the rest of Europe [2]. Group 2: Market Challenges - Porsche has lost its appeal among wealthy consumers in China, with local high-end electric vehicle brands eroding its market share [2][4]. - The brand's sales in China have been declining since 2022, dropping from the top market position to third place globally, with a projected 28% decline in 2024 [2]. - The company has faced unprecedented challenges, with profit forecasts being revised down from an initial 10%-12% to as low as 2% [3]. Group 3: Consumer Sentiment and Product Issues - Consumers have expressed dissatisfaction with Porsche's electric vehicle offerings, citing slow development and a lack of competitive features compared to local brands [4][6]. - Complaints about quality control have surfaced, including issues with recalls and safety concerns, such as a recent incident involving a Taycan catching fire [12][15]. - The brand's infotainment system has been criticized for its limited functionality, failing to meet the expectations set by competitors [7][9]. Group 4: Strategic Responses - In response to declining sales, Porsche has implemented significant price reductions on models like the Cayenne and Panamera, with discounts reaching up to 30% [20]. - The company is also restructuring its dealer network, planning to reduce the number of dealerships from 145 to around 100 by the end of 2026 [20]. - A new CEO has been appointed to address the challenges facing the brand, tasked with revitalizing Porsche's market position in an increasingly competitive landscape [21].