中年男人的梦中情车，崩盘了

Core Viewpoint - Porsche is experiencing a significant decline in financial performance, with a 99% drop in operating profit and a 6% decrease in sales revenue, marking a dramatic fall from its previous status as a leading luxury car brand [4][11][12]. Group 1: Financial Performance - In the first three quarters of 2025, Porsche reported sales revenue of €26.86 billion, down 6% from €28.56 billion in the same period of 2024 [5][11]. - The operating profit plummeted to €40 million from €4.035 billion, a staggering 99% decrease [5][11]. - The company faced a loss of €966 million in the third quarter, contrasting with a profit of €974 million in the same quarter of the previous year [4][11]. Group 2: Market Position and Historical Context - Porsche was once a darling of the European capital market, achieving a valuation of €75 billion at its IPO in September 2022, and briefly exceeding €83 billion in market value [6][8]. - The brand's sales in China, previously its largest market, fell by 26% in the first three quarters of 2025, with a notable 42% drop in the first quarter alone [13][14]. Group 3: Strategic Challenges - The decline is attributed to multiple pressures, including the shift towards electric vehicles, geopolitical factors, and changing consumer preferences [19][24]. - Porsche has postponed the launch of several electric models and extended the lifecycle of its fuel and hybrid models, indicating a strategic pivot back to internal combustion engines [19][21]. - The company is facing significant costs due to U.S. tariffs, with an estimated loss of €700 million for the year, further complicating its financial recovery [22][24]. Group 4: Internal Reforms and Future Outlook - Porsche is undergoing a major restructuring, including a reduction in the number of dealerships in China and a focus on localizing its product offerings [29][31]. - The company plans to cut 1,900 jobs and has appointed a new CEO, Michael Leiters, to lead the brand through this transitional phase [31][32]. - The management anticipates that 2025 will be a challenging year, with recovery expected to begin in 2026 [31][32].