传统豪车品牌，业绩暴跌！ 对于业绩的暴跌，保时捷解释，主要原因包括产品战略重组带来的特殊支出、中国豪华车市场挑战，以及 美国进口关税成本上升等。 2025年前三季度，公司运营利润降至4000万欧元，同比暴跌99%，去年同期为40.35亿欧元；销售回报率 也暴跌至0.2%，而去年同期为14.1%。业绩大跌的主要原因包括：产品战略重组带来的特殊支出、中国豪 华车市场挑战、电池业务相关一次性影响、组织架构调整，以及美国进口关税成本上升。 据了解，保时捷上月宣布推迟部分纯电动车型的推出，延长多款燃油和混动车型市场生命周期，并终止电 池自产计划，相关重组措施带来约27亿欧元的额外支出。 今年前三季度，保时捷销量整体下滑6%至21.25万辆。其中，保时捷在中国市场的销量同比下降26%至 3.2万辆，德国市场销量同比下降16%至2.25万辆，整个欧洲市场（除德国外）同比下跌4%至5万辆。 面对经营压力，保时捷正启动结构性收缩。到2029年前，保时捷德国斯图加特总部地区将裁减约1900个 岗位，另有2000名临时员工的合同即将到期。目前，公司管理层正在与工会协商制定新一轮节约方案。保 时捷公司财务与信息技术执行董事Joche ...

Core Insights - Ferrari's profits increased in Q2 due to strong demand for luxury models, offsetting additional tariff costs [1] - Total revenue grew by 4% year-over-year to €1.79 billion (approximately $2 billion), slightly below Wall Street's expectation of €1.83 billion [1] - The company expressed increased confidence in its annual performance guidance after recent US-EU trade agreements reduced previously threatened tariffs [1] Group 1: Financial Performance - Operating profit rose by 6% to €709 million [1] - Ferrari's stock price fell by 4.8% in Milan due to slightly disappointing overall revenue, despite a year-to-date increase of 1.5% [1] - The company avoided the significant performance declines faced by competitors like Porsche, which lowered its performance guidance due to the trade war [1] Group 2: Market Dynamics - The US is Ferrari's largest luxury car market, accounting for about one-quarter of its deliveries [2] - Ferrari's vehicles are all manufactured in Italy, limiting its ability to offset higher costs through production shifts [2] - The company plans to raise prices on some US models by up to 10% to address tariff impacts [2] Group 3: Competitive Landscape - Lamborghini reported record deliveries in the first half of the year, driven by strong demand for plug-in hybrid models, despite a 6% profit decline due to tariff pressures [3] - The luxury car market remains resilient, with wealthy customers showing strong demand for top-tier vehicles, regardless of broader luxury market slowdowns [3] - Ferrari's customers are primarily ultra-high-net-worth individuals, with a higher price acceptance compared to average luxury car buyers, allowing the company to act as a price maker [3] Group 4: Industry Challenges - Other European automakers like Volkswagen and Renault have faced significant profit declines due to tariff impacts, with Volkswagen's Q2 revenue down 3% to €80.8 billion and operating profit down 29% to €3.83 billion [3] - Volkswagen's costs increased by €1.3 billion (approximately $1.53 billion) due to US tariffs, leading to a lowered sales return forecast for 2025 [3]