具体情况如下： 1，订单情况： 均店新增大定：65~70台 进店量占比：50% 进店量上：150~200% 预售转定比例：30~40% 需要注意： -上市后价格符合客户预期，进店、试驾、订单迎来爆发，国庆后进店回归稳态。 -上市前有巡展，预售客户基本都看过实车，所以上市后转定速度非常快，客户关注提车时间。 2，客户画像：35~55岁，男性比例：90% 需要注意： -对比预售阶段，上市后一线城市客户比例明显上升。传统豪华品牌SUV增换购比例增加， 跟路虎、卡宴、普拉多车主高度重叠。 -基本是以男性为主，老板和高管为主，经济实力较强，决策速度很快，看重极氪9X外观以及驾控性能，关注智能体验。 3，配置选择： hyper版+曜黑版：70~80% 外观颜色： 极夜黑（主销） 内饰颜色： 琥珀棕（主销） 需要注意： -巡展看过实车后，客户对极氪9X外观、内饰非常认可，极夜黑外观认可度超预期。 - -上市后客户集中在hyper版以上，国庆期间Ultra比例增高，其他配置更多考虑有较快的提车周期。 4，竞品对比：10个客户里，3个对比问界M9、1个蔚来ES8、1个理想mega、1个奔驰GLS 需要注意： -提及路虎的比例依 ...

Core Viewpoint - Porsche is making significant adjustments to its product strategy in response to long-term sales decline and increasing profitability pressures, delaying the launch of some electric vehicle models while refocusing on internal combustion and hybrid models [1][3]. Group 1: Strategic Adjustments - The decision to add new internal combustion engine models aims to create a more balanced product portfolio, enhancing flexibility and market position amid a volatile market environment [2]. - A new high-end SUV series, initially planned to be fully electric, will now offer fuel and hybrid versions at launch due to current market conditions [2][3]. - Porsche's previous aggressive electrification strategy aimed for 80% electric vehicle sales by 2030, but has shifted to a parallel approach of internal combustion, hybrid, and electric powertrains [3]. Group 2: Financial Performance - Porsche's net profit for the first half of the year plummeted to €718 million, a 66.6% year-on-year decline, with a revised profit margin expectation of only 2% for the year [4]. - The company has lowered its 2025 profit forecast, attributing this to product launch delays and other issues [4]. - The parent company, Volkswagen Group, is expected to face a €5.1 billion loss, prompting Porsche to rely on internal combustion models to recover financially [6]. Group 3: Market Reactions - Market reactions to Porsche's strategic shift are mixed, with some investors concerned about missing the electrification wave and its impact on brand luxury positioning, while others believe the adjustment will stabilize short-term performance [3]. - Traditional luxury brands like Mercedes-Benz and Audi are also adjusting their electrification timelines, focusing more on hybrid and efficient internal combustion technologies [6].

Core Viewpoint - Porsche has announced a significant adjustment to its long-term product matrix in response to a noticeable slowdown in demand for luxury electric vehicles, alongside challenges in the Chinese luxury car market and competition from local electric vehicle brands [1][2]. Group 1: Strategic Adjustments - Porsche's board has decided to invest billions of euros in internal combustion engine vehicles despite a previous commitment to focus on electric vehicles by the 2030s [1]. - The company aims to create a more balanced product portfolio by incorporating internal combustion, plug-in hybrid, and electric vehicle models to meet customer demands [1][3]. - The new strategy is expected to strengthen Porsche's business model and market position in a volatile market environment [1]. Group 2: Financial Implications - Volkswagen Group anticipates a loss of approximately €5.1 billion due to this strategic shift, with Porsche's operating profit loss projected to reach €1.8 billion this year [1][2]. - Both Volkswagen and Porsche have lowered their profit margin targets for 2025, with Volkswagen reducing its target from 5% to 2%-3%, and Porsche adjusting its target to no more than 2% [2]. Group 3: Product Development Changes - The product lineup will specifically increase the number of iconic models featuring internal combustion engines [3]. - The originally planned new electric SUV series will now only offer internal combustion and plug-in hybrid versions initially [3]. - Existing internal combustion models will continue to be sold, with plans for subsequent models [3]. - The timeline for developing a new electric vehicle platform for 2030 will be rescheduled, while existing electric vehicle models will undergo further development [3]. Group 4: Cost-Cutting Measures - Due to the significant reduction in profit expectations, Porsche plans to cut costs and jobs at its headquarters in Stuttgart [4].

Core Viewpoint - Porsche is making significant adjustments to its product strategy in response to long-term sales decline and increasing profitability pressures, shifting focus back to internal combustion engine models, including hybrids, while pausing the launch of upcoming electric vehicle models [2][3]. Group 1: Product Strategy Adjustments - Porsche has finalized steps to adjust its product strategy, aiming to meet customer demands with excellent products and deliver solid financial performance [3]. - The company plans to introduce new fuel models, including a new SUV series originally intended to be fully electric, which will now offer only fuel and hybrid versions at launch [3]. - The lifecycle of existing models like Panamera and Cayenne will be extended, with internal combustion and hybrid versions available until the mid-2030s [3]. - Due to a slowdown in electric vehicle adoption, the launch of some pure electric models will be delayed, and a new electric vehicle platform planned for the 2030s will be rescheduled [3]. Group 2: Financial Performance and Challenges - Porsche's net profit for 2024 is projected at €3.595 billion, a 30.3% decline year-on-year, with a sales return rate of 14.1%, down from 18% in 2023 [6]. - In the first half of the year, net profit dropped to €718 million, a 66.6% decrease, with a sales return rate plummeting to 5.5% from 15.7% year-on-year [6]. - The high costs of electric vehicles and lower profit margins compared to fuel vehicles, along with U.S. tariffs, have led Porsche to lower its financial forecasts multiple times [6]. Group 3: Strategic Repercussions and Market Trends - The restructuring is expected to result in an €1.8 billion loss in operating profit for 2025, prompting a further reduction in profit expectations [7]. - The anticipated special expenses related to the strategic adjustments are around €3.1 billion, including costs for battery business investments and organizational changes [7]. - The parent company, Volkswagen Group, expects a €5.1 billion loss in operating profit due to Porsche's reforms, leading to a downward revision of its profit expectations as well [7].

Core Viewpoint - Porsche is adjusting its electrification strategy by continuing to offer high-performance versions of the next-generation 718 Boxster and Cayman with internal combustion engines, while canceling the planned large all-electric SUV "K1" [1][2] Group 1: Strategic Adjustments - The CEO, Oliver Blume, stated that Porsche will significantly upgrade the Cayenne and Panamera's combustion and plug-in hybrid models, extending their lifecycle at least into the 2030s [1] - The decision to halt the development of the Volkswagen Group's SSP 61 "Sport" platform, originally intended for the K1, Panamera, and Taycan's electric successors, has cost the company €1.8 billion [1] - The K1 will now be offered in both combustion and plug-in hybrid versions, with the specific launch date yet to be announced [2] Group 2: Market Conditions and Product Line Transformation - Blume noted a significant decline in demand for high-end electric vehicles, prompting the need for a strategic response [2] - The drop in luxury goods consumption in China and the increase in import tariffs on vehicles in the U.S. have also impacted profitability [2] - Porsche is transforming its product line by reducing engine displacement, adding turbocharging, and optimizing chassis to maintain the 718 Boxster's appeal among driving enthusiasts [2] Group 3: Future Plans - The company will continue to advance electrification, as electric models attract a rapidly growing customer base [2] - Porsche plans to launch an all-electric Cayenne based on the Volkswagen Group's 800V PPE architecture [2]

Core Viewpoint - Porsche's recent struggles in the Chinese market highlight the challenges faced by traditional automakers during the transition to electric vehicles, despite their aggressive investment and innovative technologies [6][21][22]. Group 1: Sales Performance and Market Dynamics - In 2021, Porsche achieved a peak sales figure of 95,000 units in China, contributing to one-third of its total sales [6][11]. - However, by 2024, overall sales are projected to decline to 56,000 units, marking a significant downturn [7][21]. - The brand's sales in China have dropped by 28% year-on-year, leading to a loss of its status as the largest single market [21][22]. Group 2: Electric Vehicle Strategy - Porsche has been proactive in its electric vehicle (EV) strategy, launching the Taycan, which received 30,000 pre-orders and became the best-selling model in 2021, surpassing the iconic 911 [32]. - The company aims for electric and plug-in hybrid vehicles to account for 50% of total sales by 2025 and over 80% by 2030 [32]. - Significant investments have been made in battery technology and partnerships, including the establishment of a joint venture for battery production [31]. Group 3: Challenges in Transition - Porsche's transition to electric vehicles has been hampered by reliance on Volkswagen's software and electronic architecture, which has faced delays and difficulties [35][40]. - The development of the E3 electronic architecture has been problematic, causing delays in the launch of new models like the Macan EV [40]. - The competitive landscape has shifted, with electric vehicles becoming more affordable and offering superior configurations, challenging Porsche's traditional pricing strategy [43][44]. Group 4: Brand Positioning and Market Perception - Porsche occupies a unique position between luxury and premium segments, which complicates its pricing strategy amid increasing competition from electric vehicle manufacturers [47][50]. - The average sales price of Porsche vehicles in China has decreased from 1.06 million to 930,000 RMB, reflecting the pressures of the evolving market [51]. - The brand's identity as a luxury automaker is at risk as it navigates the challenges posed by the electric vehicle market and changing consumer preferences [48][52].

Core Viewpoint - The article discusses the challenges faced by Porsche in the Chinese market, highlighting the brand's struggle with sales decline and the impact of electric vehicle (EV) transformation on its traditional business model [6][8][25]. Group 1: Sales Performance and Market Position - In 2021, Porsche achieved a peak sales figure of 95,000 units in China, contributing one-third of its total sales [7][8]. - However, by 2024, overall sales are projected to decline to 56,000 units, marking a significant drop and the loss of its status as the largest single market [8][25]. - The brand's sales in China have seen a 28% year-on-year decline in 2024, with the company now ranking as the fourth largest market for Porsche [25][26]. Group 2: Electric Vehicle Strategy - Porsche has been aggressive in its electric vehicle strategy, launching the Taycan, which received 30,000 pre-orders and became the best-selling model in 2021, surpassing the iconic 911 [38][39]. - The company aims for electric and hybrid models to account for 50% of total sales by 2025 and over 80% by 2030 [38][39]. - Despite its ambitious plans, Porsche faces challenges in the transition to electric vehicles, particularly with the development of its second electric model, the Macan EV, which has been delayed due to issues with its parent company Volkswagen's software development [49][50]. Group 3: Brand Positioning and Market Dynamics - Porsche occupies a unique position in the luxury car market, straddling the line between luxury and premium segments, which exposes it to competitive pressures from both ends [58][63]. - The brand's average selling price in China has decreased from 1.06 million to 930,000 yuan over three years, reflecting the challenges of maintaining its brand value amid rising competition from domestic EV manufacturers [64][65]. - The article emphasizes that Porsche's middle-ground positioning makes it vulnerable to market shifts, as it cannot easily engage in price reductions without risking its brand identity [63][64].

Core Insights - Porsche's sales in China have been a significant contributor, accounting for one-third of its total sales, with a peak of 95,000 units in 2021 [3][19] - The company has faced a decline in sales in China, projecting a drop to 56,000 units in 2024, marking a 28% year-on-year decrease [5][26] - Porsche's strategy of local production was contingent on achieving sales of 50,000 units for a single model, which has not been realized [2][4] Group 1: Sales Performance - In 2022, Porsche's sales in China saw a sharp decline, with the company falling to the fourth-largest market by 2024 [26] - The average selling price in China has decreased from 1.06 million to 930,000 yuan over the past three years, while overall sales dropped by 36,000 units [75] - Porsche's sales in China have been heavily reliant on its SUV models, which account for approximately 60% of its sales [19][41] Group 2: Market Positioning - Porsche occupies a unique position as a "cheap luxury" brand, leveraging its sports car image while generating profits through SUVs [10][67] - The brand's positioning in the luxury market is precarious, as it straddles the line between luxury and premium segments, making it vulnerable to market fluctuations [68][74] - The competitive landscape has intensified, with local brands capturing over 60% of the market share in the growing electric vehicle segment [75] Group 3: Electric Vehicle Strategy - Porsche has been aggressive in its electric vehicle (EV) strategy, with plans for EVs and hybrids to make up 50% of total sales by 2025 and over 80% by 2030 [41][42] - The company has invested significantly in electric vehicle technology, including partnerships for battery production and software development [39][40] - Despite its ambitious plans, Porsche faces challenges in the transition to electric vehicles, particularly with the reliance on Volkswagen's software systems, which have encountered delays [58][59] Group 4: Competitive Challenges - The automotive industry is highly dependent on scale, and Porsche's sales decline raises concerns about its profitability in the luxury segment [11][70] - The shift towards electric vehicles has disrupted traditional pricing structures, making it difficult for Porsche to maintain its brand premium [62][63] - The competitive pressure from both established luxury brands and emerging electric vehicle manufacturers poses a significant threat to Porsche's market share [77]

Core Viewpoint - Porsche's sales in China have significantly declined, with a projected drop to 56,000 units in 2024, marking a 28% year-on-year decrease, after previously being the largest single market for the brand [6][17][31]. Group 1: Sales Performance and Market Position - In 2021, Porsche achieved a peak sales figure of 95,000 units in China, contributing one-third of its total sales [6][17]. - The Cayenne and Macan models accounted for approximately 60% of Porsche's sales in China since 2015 [11][14]. - The brand's sales average in China has decreased from 1.06 million to 930,000 yuan over the past three years, indicating a loss of market positioning [37]. Group 2: Electric Vehicle Strategy - Porsche has been aggressive in its electric vehicle (EV) transition, with plans for electric and hybrid models to make up 50% of total sales by 2025 and over 80% by 2030 [24][22]. - The Taycan, Porsche's first all-electric model, surpassed 40,000 units in global sales in 2021, becoming the best-selling model after the SUVs [24][18]. - The company has invested heavily in battery technology and partnerships to support its electric vehicle strategy, including the establishment of a joint venture for battery production [23][22]. Group 3: Challenges in Transition - Porsche faces significant challenges in its transition to electric vehicles, particularly due to reliance on the Volkswagen Group for software and electronic architecture, which has encountered delays [30][27]. - The development of the E3 electronic architecture has faced setbacks, impacting the launch timelines of new models like the Macan EV [30][28]. - The competitive landscape in the electric vehicle market has intensified, with domestic brands capturing over 60% of the market share, further complicating Porsche's position [37][31]. Group 4: Brand Positioning and Market Dynamics - Porsche occupies a unique position between luxury and premium segments, which exposes it to greater competitive pressures, especially in a rapidly evolving market [34][37]. - The brand's pricing strategy has been challenged by the aggressive pricing of electric vehicles, leading to a structural disruption in its pricing model [32][31]. - As competitors lower prices, Porsche's middle-ground positioning risks losing brand value, which could have long-term implications for its market strategy [37][34].

Core Viewpoint - Porsche's sales in the Chinese market are under significant pressure, with a notable decline in both global and local sales figures in recent years [2][4]. Group 1: Sales Performance - In the first half of 2023, Porsche's global sales reached 146,000 units, a year-on-year decrease of 6%, with a 28% drop in the Chinese market [2]. - China was Porsche's largest single market in 2015, but sales peaked in 2021 at nearly 100,000 units, followed by a decline in 2022 and a further drop in 2023 [2][4]. - In 2024, Porsche's deliveries in China fell to 56,900 units, marking a 28% decrease compared to the previous year [2]. Group 2: Market Challenges - The decline in sales is attributed to rapid changes in the Chinese market, with Porsche failing to keep pace with evolving consumer demands [2][3]. - The rise of domestic electric vehicle brands is eroding Porsche's market share in the luxury car segment, compounded by the slow development of Porsche's electric vehicle offerings [2][3]. Group 3: Strategic Adjustments - Porsche plans to stop selling electric vehicles in China within the next two to three years, as current models have not met market expectations [3]. - The company is implementing a comprehensive restructuring plan starting in 2025, which includes reducing approximately 1,900 jobs and not renewing 2,000 fixed-term contracts [5]. - Porsche aims to optimize its dealer network and increase local R&D efforts, with plans to reduce the number of sales outlets in China from about 140 to approximately 100 by 2027 [5].