Core Insights - Lithia & Driveway (LAD) announced significant growth milestones, including strategic acquisitions and recognition for workplace culture [1][5] Acquisition and Revenue Growth - LAD acquired Anaheim Hyundai, Huntington Beach Hyundai, and Garden Grove Hyundai, enhancing its dealership network density and increasing its import mix in Southern California, projected to generate approximately $440 million in annualized revenue [2] - The total expected annualized U.S. revenue acquired by LAD year-to-date is now $1.16 billion, with the recent acquisition financed through existing on-balance sheet capacity and purchased for less than 10% of revenues [3] Electrification Strategy - The new stores align with LAD's electrification strategy in California, leveraging Hyundai's expanding EV and hybrid lineup to meet customer demand [4] - In the third quarter, battery electric vehicles (BEVs) accounted for 10% of LAD's new retail sales, an increase from 8% in previous quarters, attributed to the expiration of EV tax credits [4] Workplace Recognition - Eight of LAD's Canadian dealerships were recognized in Automotive News' 2025 Canada Best Dealerships To Work For list, representing 20% of the total recognized dealerships [5] - The recognition highlights the strong team culture and commitment to customer care within LAD's Canadian operations [6] Company Overview - Lithia & Driveway is the largest global automotive retailer, offering a wide range of products and services throughout the vehicle ownership lifecycle, emphasizing simple, convenient, and transparent experiences [7]

Porsche AG Q3 Update Summary Company Overview - **Company**: Porsche AG - **Event**: Pre-close call for Q3 delivery figures - **Date**: October 10, 2025 Key Industry Insights - **Global Deliveries**: Porsche delivered 212,500 vehicles globally from January to September, showing resilience in a challenging environment [5][6] - **Electrified Models**: Electrified models accounted for 35% of total deliveries, a 13% increase year-over-year, with 23% being fully electric and 12% plug-in hybrids [6] - **Regional Performance**: North America was the largest market with 64,000 units delivered, a 5% increase year-over-year. Deliveries in China totaled 32,000, reflecting a decline of 26% [6] Core Financial Highlights - **Market Share**: Porsche increased its market share in five out of six model segments despite intensifying competition [7] - **Production Capacity**: Production in Q3 is expected to reflect current demand, with a disciplined approach to inventory management in the US and China [9][11] - **Cash Flow**: The automotive net cash flow is expected to reflect a reduction in elevated inventories and production closures during summer [15][45] Strategic Developments - **Product Strategy Realignment**: Porsche is undergoing a strategic realignment, expecting incremental expenses of up to €1.8 billion in fiscal year 2025 due to product portfolio decisions [14][18] - **Inflationary Pressures**: The company anticipates continued inflationary pressures, particularly in material costs and compensation to BEV suppliers [15] - **Tariff Impact**: The forecast includes a 15% US import duty effective August 1, with mitigation measures being implemented [17][18] Upcoming Product Launches - **New Models**: The all-electric Cayenne will be unveiled at the upcoming Agnes of Porsche event in Dubai, with positive initial reactions [8] - **911 Turbo S**: Strong demand for the 911 Turbo S is noted, with expectations for significant contributions to unit sales in 2026 [40][42] Customer Demand and Individualization - **Order Book**: Customer demand remains robust, with a high level of individualization in orders, particularly for the 911 Turbo S [12][30] - **Pricing Adjustments**: Prices in the US have been increased by 2.4% to 3.6% per model, reflecting the impact of tariffs [39] Conclusion and Future Outlook - **Financial Guidance**: The group return on sales guidance for fiscal year 2025 includes extraordinary expenses related to strategic realignment and tariffs, with expectations for a slightly positive return on sales [19][22] - **Long-term Strategy**: Porsche is focusing on enhancing brand identity and product flexibility to ensure sustainable long-term success [21][22] Additional Notes - **Hedging Policy**: Porsche has a conservative hedging policy in place to mitigate currency fluctuations, which is expected to support financial stability [50][52] - **Investor Relations**: The third quarter results will be published on October 24, with an invitation to the upcoming Agnes of Porsche event in Dubai [22][23]