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]

最近几年，说起各家豪车巨头，感觉最大的特点就是"王小二过年，一年不如一年"，就在最近知名豪车品牌阿斯顿马丁宣布下调全年盈利预期， 让人不禁想问这豪车巨头到底是怎么了？豪车巨头们的问题出在哪了？ 一、阿斯顿·马丁下调全年盈利预期 据智通财经的报道，阿斯顿·马丁更新2025财年指引，目前预计2025财年总批发量将较上年（2024财年：6030辆）出现中高个位数百分比下降，销量调整主 要涉及北美和亚太（包括大中华区）市场。阿斯顿·马丁也不再预期能实现此前制定的2025财年下半年实现正自由现金流的目标，但预计2025财年第四季度 的自由现金流将环比改善。此外，该公司确认预计Valhalla车型将于2025年第四季度开始交付，当期预计交付约150辆。 阿斯顿·马丁表示，由于美国关税和亚太地区需求疲软抑制了销量，公司今年盈利将低于预期，并因此启动成本与资本支出计划的审查。公司预计全年经调 整息税前利润(EBIT)将低于市场一致预期区间的下限，且不再预期下半年能够实现正自由现金流。公司指出，市场预期的经调整EBIT下限为亏损1.1亿英镑 (约合1.483亿美元)。此次下调反映出销量下降及单车毛利率承压，而这已是公司在夏季下 ...

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， ...