Core Insights - Porsche, as a significant profit contributor to Volkswagen Group, reported a shocking loss of €966 million in Q3 2023, compared to a profit of €974 million in the same period last year [2][3] - The company's operating profit for the first nine months of 2023 was only €40 million, a drastic decline from €4.035 billion in the same period last year, with the operating profit margin plummeting from 14.1% to 0.2% [2][3] Financial Performance - In Q3 2023, Porsche's operating profit margin reached a record low of 18% in 2022 but fell significantly in 2023 [2] - The total special expenses for the year are expected to reach €3.1 billion, primarily due to strategic restructuring costs and increased tariffs [2][3] Strategic Challenges - The decline in performance is attributed to multiple factors, including product strategy restructuring, challenges in the Chinese luxury car market, and rising import tariff costs in the U.S. [2][3] - Porsche's strategic restructuring led to €1.8 billion in costs due to delays in electric vehicle launches and extended lifecycles for combustion and hybrid models [2][3] Market Dynamics - The Chinese market, Porsche's second-largest market after North America, is facing significant challenges, with a projected 3% decline in global sales to 311,000 units in 2024 and a 28% drop in sales in China [3][4] - The competitive landscape in China is intensifying, with domestic brands increasingly encroaching on the luxury segment [4] Cost Management - Porsche's gross margin per vehicle fell to 13.2% in Q3 2023, the lowest for the year, influenced by price wars and increased costs [5] - To mitigate these challenges, Porsche has initiated a layoff plan, cutting 2,000 temporary positions and planning to reduce 1,900 permanent roles in the coming years [5] Future Outlook - Porsche anticipates a maximum sales return rate of only 2% for the year, significantly lower than the 14% expected for 2024 [6] - The CFO forecasts a rebound in profit margins to "high single digits" (8%-9%) by 2026, with 2025 expected to be a low point [6]

Group 1: Aston Martin's Profit Forecast Adjustment - Aston Martin has revised its profit forecast for the fiscal year 2025, expecting a mid-to-high single-digit percentage decline in total wholesale volume compared to the previous year, with a focus on North America and Asia-Pacific markets [3] - The company no longer anticipates achieving positive free cash flow in the second half of fiscal year 2025, although it expects an improvement in free cash flow in the fourth quarter [3] - Aston Martin's adjusted EBIT is projected to fall below the lower end of market consensus, with a loss expected to be around £110 million (approximately $148.3 million) [3][4] Group 2: Industry Challenges - Aston Martin's performance issues reflect broader challenges facing the luxury car industry, including a shift in consumer preferences away from traditional luxury vehicles [6] - The luxury car market is experiencing a structural transformation, with traditional advantages being eroded by changing consumer definitions of luxury, which now emphasize technology and brand values over mere performance [7] - Economic uncertainties, including global growth slowdown and rising trade protectionism, have led wealthy consumers to become more cautious in their purchasing decisions, impacting luxury car sales [9] Group 3: Competition from Electric Vehicles - The rise of electric vehicle brands like Tesla is posing a significant challenge to traditional luxury car manufacturers, as these new entrants offer advanced technology and innovative features [11] - Consumer perceptions of luxury are evolving, with younger generations increasingly favoring electric vehicles for their environmental benefits and modern appeal, rather than traditional high-performance gasoline cars [11] - The shift towards electric vehicles is causing a substantial diversion of market share from traditional luxury brands, diminishing their competitive edge [11] Group 4: Future Outlook for Aston Martin - Aston Martin faces complex challenges, including the need for significant investment in electric vehicle technology while maintaining its brand identity [13] - The luxury car industry is undergoing inevitable restructuring, and brands must redefine their value propositions to align with modern consumer expectations focused on experience and emotional connection [13] - The future success of luxury brands will depend on their ability to adapt to changing market dynamics and consumer preferences, raising questions about Aston Martin's capacity to navigate this transformation [13]

Core Viewpoint - Porsche has experienced a significant decline in financial performance, with a 6% drop in revenue and a staggering 99% decrease in operating profit for the first three quarters of 2025 compared to the previous year, marking a critical downturn for the company previously known as a "cash printing machine" in the luxury car market [1][2][3]. Financial Performance - Revenue for the first three quarters of 2025 was €26.86 billion, down from €28.56 billion in the same period of 2024, representing a 6% decline [2]. - Operating profit plummeted to €40 million from €4.035 billion year-on-year, a decrease of 99% [2]. - The operating return on sales fell to 0.2%, down from 14.1% in the previous year [2]. Sales and Deliveries - Total deliveries to customers decreased by 6% to 212,509 units in the first three quarters of 2025, compared to 226,026 units in 2024 [2][4]. - The most significant decline in sales was observed in the Chinese market, which saw a 26% drop to 32,195 units, while the German market experienced a 16% decrease to 22,492 units [3][4]. Reasons for Decline - The decline in operating profit is attributed to five main factors: special expenses related to product strategy adjustments, challenging market conditions in China, one-time costs associated with battery activities, organizational restructuring expenses, and increased import tariffs in the U.S. [3][5]. - Non-recurring losses included approximately €2.7 billion in special expenses due to strategic restructuring, with total costs related to this restructuring expected to reach around €3.1 billion for the fiscal year 2025 [4]. Strategic Adjustments - Porsche announced a significant shift in its electric vehicle strategy, slowing down the electrification process and planning to introduce more gasoline and hybrid models [5]. - The company plans to increase prices in the U.S. market to mitigate the impact of tariffs and has initiated a layoff plan to reduce its workforce by 1,900 employees by 2029 [6]. Leadership Changes - Porsche's CEO, Oliver Blume, will step down at the end of the year, with Michael Leiters set to take over the role starting January 1, 2026 [6]. - The CFO, Jochen Breckner, indicated that 2025 is expected to be a low point for the company, with significant improvements anticipated from 2026 onwards [6]. Stock Performance - As of October 24, Porsche's stock price was €34.81, reflecting a nearly 58% decline from its initial public offering price of €82.5 in 2022 [6].

Core Viewpoint - The article discusses the significant adjustment in the consumption tax policy for ultra-luxury automobiles in China, lowering the tax threshold to 900,000 yuan (excluding VAT) to promote reasonable consumption and energy conservation [1][3]. Group 1: Policy Changes - The consumption tax for ultra-luxury automobiles is now applicable to vehicles with a retail price of 900,000 yuan (excluding VAT) and above, including various power types such as pure electric and fuel cell vehicles [1][3]. - The new policy will take effect from July 20, 2025, following an announcement by the Ministry of Finance and the State Taxation Administration [1][3]. - This marks the most significant change since the establishment of the ultra-luxury automobile consumption tax system in 2016, which initially set the threshold at 1.3 million yuan [3]. Group 2: Impact on Consumers and Companies - Jaguar Land Rover China has announced that it will fully cover the additional consumption tax for specified models purchased from authorized dealers between the policy's implementation date and July 31 [1]. - The new regulation also states that no consumption tax will be levied on the sale of second-hand ultra-luxury automobiles [2].

作者：风暴眼 王迪 来源： 凤凰网财经（ID：finance_ifeng) 从年初保时捷经销商群起"逼宫"，曾经风光无两的德系跨国豪车品牌开始步入在华的"渡劫"时刻。 近日，不仅市场传出保时捷经销商祭出跌破40万的价格，亦有网友向《风暴眼》爆料称，保时捷个别 城市经销商门店关闭及展厅被其他车企品牌替换的现象。调整市场策略及价格，成为经销商们艰难卖 车的选择。 至于保时捷售价再创新低，《风暴眼》咨询了北京、上海、西安、青岛等多个城市的保时捷4S门 店，销售均表示目前存在优惠活动，但是所有车型没有跌破40万大关。 01 " 说闭店就闭店 " ，后续还会关店吗？ 作为红极一时的德系豪车品牌，保时捷在燃油车时代大杀四方。小米等国内车企一度是保时捷的拥 趸。但是，面对电动化转型，"被模仿者"似乎进入了瓶颈期。 "尊敬的保时捷车主：我们很遗憾地通知您，由于业务调整，鄂尔多斯保时捷中心即将于10月31日正 式闭店，由此造成的用车不便，我们深表歉意！"当李明收到这条短信，他随后在个人社交平台上感 慨道："说闭店就闭店"。多位内蒙古保时捷车主告诉《风暴眼》收到了闭店的短信通知。 这并不是保时捷第一次被爆出闭店的消息。今年年初， ...