Core Viewpoint - Porsche's operating profit has plummeted dramatically, with a reported drop from €4.035 billion in the same period last year to just €40 million, marking a staggering 99% decline [2][5][37]. Group 1: Financial Performance - In the first nine months of the year, Porsche's operating profit fell to €40 million from €4.035 billion year-on-year, indicating a severe financial downturn [2][18]. - The company experienced a significant loss of €9.66 billion in the third quarter alone, which severely impacted its overall performance [5][15]. - The total global deliveries decreased by approximately 6%, with a notable decline in the Chinese market, which was once Porsche's largest single market [15][61]. Group 2: Market Dynamics - Porsche's deliveries in China dropped by 25.6% year-on-year, with a total of 32,195 vehicles delivered in the first nine months of the year [7][8]. - The European market also saw declines, with Germany's deliveries down by 16.2% and overall European deliveries down by 4.2% [11][12]. - The only market showing growth was North America, where deliveries increased by 4.8%, helping to mitigate some losses [12][15]. Group 3: Electric Vehicle Transition - Porsche has ambitious plans for electrification, aiming for over 50% of new cars to be electric by 2025 and over 80% by 2030 [20][46]. - However, the transition has faced significant challenges, including delays in electric vehicle production and a lack of competitive products in the market [30][32]. - The company has had to scale back its electric vehicle ambitions, with plans to focus on high-performance battery development rather than mass production [32][37]. Group 4: Strategic Adjustments - Porsche announced plans to cut 1,900 jobs by 2029, with an additional 2,000 temporary positions being eliminated this year [39][42]. - The company is shifting back to internal combustion engine vehicles, delaying the launch of new fuel models to maintain profitability [34][42]. - A strategic leadership change is also underway, with a new CEO set to take over in 2026, which may influence future directions [68][70].

Core Viewpoint - The article discusses the phenomenon of order speculation and high rental prices surrounding the launch of the Xiaomi SU7 Ultra, highlighting the dynamics of supply and demand in the automotive market, particularly in the context of electric vehicles and consumer behavior [4][25]. Group 1: Order Speculation and Market Dynamics - The Xiaomi SU7 Ultra was launched at a price of 529,900 yuan, significantly lower than its pre-sale price, leading to a surge in orders with 6,900 units sold within 10 minutes [2][3]. - The secondary market has seen "small deposit orders" being traded at premiums of 2,000 to 6,000 yuan, transforming these orders into tradable financial derivatives [6][9]. - The supply-demand imbalance is evident, with 248,000 orders placed against an annual production capacity of only 135,000 units, creating a "time value" for early delivery [13][14]. Group 2: Rental Market and Consumer Behavior - The rental market for the SU7 Ultra has emerged, with daily rental prices ranging from 2,000 to over 10,000 yuan, driven by various consumer segments seeking early access to the vehicle [11][12]. - The phenomenon reflects a shift towards experience-based consumption, where younger consumers prefer short-term rentals over long-term ownership [26]. - The article notes that the second-hand luxury car rental market in China reached 4.7 billion yuan in 2024, marking a 210% year-on-year increase, indicating a growing trend in the automotive rental sector [25]. Group 3: Brand Value and Social Currency - The SU7 Ultra's performance and branding, likened to luxury brands like Porsche, enhance its social currency, making it a status symbol among consumers [17][18]. - The article emphasizes that the demand for rental services is not just about the vehicle itself but also about the social identity associated with driving such a car [18][19]. - The transformation of car orders into tradable assets reflects a broader change in consumer values, where the experience of "having driven" is prioritized over "owning" [28].

Core Viewpoint - The article discusses the phenomenon surrounding the Xiaomi SU7 Ultra, highlighting the significant demand and market dynamics that have led to a speculative environment for orders and rentals, transforming them into financial assets rather than mere consumer goods [3][4][5]. Group 1: Market Dynamics - The official price of the Xiaomi SU7 Ultra was set at 529,900 yuan, a reduction of nearly 300,000 yuan from the pre-sale price, resulting in 6,900 orders within 10 minutes and achieving the annual sales target in just two hours [4]. - The secondary market has seen "gray market" transactions where small orders are being resold for 6,000 yuan, and daily rental prices have exceeded 10,000 yuan, indicating a speculative trading environment [5][10]. - The demand for the SU7 Ultra is driven by a significant price difference between the pre-sale and official price, leading to a revaluation of the "time value" of orders, with premiums ranging from 2,000 to 6,000 yuan [10][17]. Group 2: Consumer Behavior - The rental market for the SU7 Ultra has emerged with daily rental prices ranging from 2,000 to 5,000 yuan, attracting various consumer segments including media influencers and genuine consumers eager for early access [12][13]. - The phenomenon of "order securitization" is noted, where early adopters and professional resellers capitalize on the scarcity of orders, with some resellers reportedly making over 100,000 yuan in profits [22]. - The article emphasizes a shift in consumer behavior, where younger consumers prefer short-term experiences over long-term ownership, reflecting a broader trend in the automotive market [36]. Group 3: Industry Implications - The article highlights the ongoing tension between consumer demand and production capacity, with Xiaomi's SU7 Ultra experiencing a backlog of orders due to limited production capabilities, which has led to a thriving secondary market [17][34]. - The rapid growth of the second-hand luxury car rental market in China, which reached 4.7 billion yuan in 2024, showcases the potential for new business models in the automotive industry [35]. - The article suggests that the current trends may lead to a fundamental transformation in the automotive industry, where the distinction between ownership and usage rights is increasingly blurred [36][40].