编译 | 杜 咏 芳 编辑 | 黄 大 路 设计 | 甄 尤 美 在同一次访谈中，他更进一步指出，回头来看，保时捷将第二代Macan设计成纯电动车是一个错误的决定。 奥博穆坦言："几年前我们的产品组合结构不够灵活。我们的战略是在三大细分市场都提供燃油车、混合动力车和电动跑车——但并非所有产品都 如此。我们对Macan的决策是错误的。" 他同时强调，保时捷已在纠偏："我们已经做出调整，正在增加燃油车和混合动力车。" Macan在保时捷产品线中地位特殊，是品牌重要的营收支柱。 2025年7月，保时捷第一百万辆Macan下线。 相比其他经典车型，Macan达成百万产量的速度惊人：传奇跑车911用了54年，Cayenne耗时18年，而 Macan仅用12年便实现这一里程碑。 来源 | 《 法 兰 克 福 汇 报 》 、 M o t o r 1 、 C a r b u z z 、 路 透 社 高管公开承认任期内出现重大战略失误，这一场景并不多见。但是，保时捷的前CEO奥博穆（Oliver Blume）却勇敢做出了这一举动。 2026年1月1日起，奥博穆正式卸任保时捷CEO，由前迈凯伦CEO迈克尔·莱特斯（Michael ...

Core Insights - Porsche is experiencing a significant downturn, referred to as its "darkest hour," with a notable decline in financial performance and market challenges [1][2]. Financial Performance - For the first three quarters of 2025, Porsche reported a revenue decline of 6% to €26.86 billion compared to €28.56 billion in the same period of 2024 [2]. - Operating profit plummeted by 99% to €40 million, down from €4.035 billion year-on-year, resulting in an operating return on sales of only 0.2%, a drastic drop from 14.1% [2][3]. - Deliveries to customers decreased by 6% to 212,509 units, down from 226,026 units in the previous year [2][4]. Market Challenges - The decline in sales is attributed to several factors, including strategic product adjustments, a challenging market environment in China, one-time expenses related to battery activities, organizational restructuring costs, and increased import tariffs in the U.S. [3][5]. - Specifically, sales in China fell by 26% to 32,195 units, while Germany saw a 16% decline to 22,492 units, and overall European sales (excluding Germany) dropped by 4% to 50,286 units [4]. Strategic Adjustments - Porsche is undergoing a strategic restructuring, which includes a slowdown in its electric vehicle initiatives and a shift towards more fuel and hybrid models [5]. - The company plans to increase prices in the U.S. market to mitigate the impact of tariffs and has announced a workforce reduction plan, aiming to cut 1,900 jobs by 2029 [5][6]. - A new CEO, Michael Leiters, will take over in January 2026, following the departure of the current CEO, Oliver Blume, who has faced criticism for the dual leadership model with Volkswagen [6]. Future Outlook - The CFO of Porsche indicated that 2025 is expected to be a low point for the company, with significant improvements anticipated starting in 2026 [6].

Core Viewpoint - Porsche has announced a significant adjustment to its long-term product matrix in response to a noticeable slowdown in demand for luxury electric vehicles, alongside challenges in the Chinese luxury car market and competition from local electric vehicle brands [1][2]. Group 1: Strategic Adjustments - Porsche's board has decided to invest billions of euros in internal combustion engine vehicles despite a previous commitment to focus on electric vehicles by the 2030s [1]. - The company aims to create a more balanced product portfolio by incorporating internal combustion, plug-in hybrid, and electric vehicle models to meet customer demands [1][3]. - The new strategy is expected to strengthen Porsche's business model and market position in a volatile market environment [1]. Group 2: Financial Implications - Volkswagen Group anticipates a loss of approximately €5.1 billion due to this strategic shift, with Porsche's operating profit loss projected to reach €1.8 billion this year [1][2]. - Both Volkswagen and Porsche have lowered their profit margin targets for 2025, with Volkswagen reducing its target from 5% to 2%-3%, and Porsche adjusting its target to no more than 2% [2]. Group 3: Product Development Changes - The product lineup will specifically increase the number of iconic models featuring internal combustion engines [3]. - The originally planned new electric SUV series will now only offer internal combustion and plug-in hybrid versions initially [3]. - Existing internal combustion models will continue to be sold, with plans for subsequent models [3]. - The timeline for developing a new electric vehicle platform for 2030 will be rescheduled, while existing electric vehicle models will undergo further development [3]. Group 4: Cost-Cutting Measures - Due to the significant reduction in profit expectations, Porsche plans to cut costs and jobs at its headquarters in Stuttgart [4].

Core Viewpoint - Porsche has announced a significant adjustment to its long-term product strategy in response to changing market conditions, particularly the slowing demand for luxury electric vehicles [1][3]. Group 1: Product Strategy Adjustments - The company will revise the timeline for its electric platform originally planned for launch by 2030, prioritizing the development of internal combustion engine (ICE) and plug-in hybrid models in the next five years [1][3]. - Porsche will continue to update its existing electric models, including Taycan, Macan, and Cayenne, while extending the market lifecycle of current ICE models and introducing new ICE models with distinctive brand features [3][5]. - The Panamera and Cayenne ICE and plug-in hybrid versions will remain available until the 2030s [3][5]. Group 2: Financial Implications - The strategic adjustments are expected to result in significant financial losses for Porsche's parent company, Volkswagen Group, with an estimated loss of approximately €5.1 billion, and Porsche's operating profit loss projected to reach €1.8 billion this year [5][6]. - Both Volkswagen and Porsche have lowered their profit margin targets for the year, with Volkswagen reducing its operating profit margin forecast from 5% to 2%-3%, and Porsche's 2025 operating profit margin forecast now not exceeding 2%, down from 5%-7% [5][6]. Group 3: Market Challenges - Since its IPO in 2022, Porsche has struggled to meet market expectations due to increased competition in the luxury market in China and tariffs in the U.S. [6]. - The company is also undergoing layoffs in Germany and has abandoned plans for in-house battery production, indicating ongoing cost-cutting measures and efforts to seek market breakthroughs [6].