36氪汽车 . 看懂汽车产业新百年。36氪旗下智能电动车产业报道公号。 设计、新车、智驾、国产化全回应。 文 ｜ 徐蔡钰 编辑 ｜ 李勤 来源｜ 36氪汽车 （ID：EV36Kr） 封面来源 ｜ 企业官方 外资豪华品牌在华销量连年下降，转型与改变已无法避免。 2025年，保时捷在中国市场共卖出42938辆，同比下降幅度达到26%，保时捷在华已连续4年出现下滑。近日，保时捷中国CEO潘 励驰与36氪等媒体展开交流，不仅对保时捷中国的销量与反击措施作出详细说明，更是回应了保时捷中国智驾供应商、国产车型 与保时捷的设计风云等热门话题。 对于保时捷销量的变化，潘励驰表示，结构性转变通常总是始于客户需求的变化， "中国客户的需求发生了根本性改变，他们希 望在车上也能获得完美的科技体验"。 以下文章来源于36氪汽车 ，作者徐蔡钰 他认为，中国本土品牌本身便拥有科技生态系统，加上新品牌没有旧平台和巨额投资的包袱，它们的确比保时捷更快搭上了新的 列车。随着竞争加剧，价格战随之而来。"卡宴所在的市场，三年间厂商建议零售价下降超过1/3，用过去B级SUV的价格就可以买 到C级SUV了"。 面对挑战，保时捷也在积极进行调整。 过去 ...

外资豪华品牌在华销量连年下降，转型与改变已无法避免。 2025年，保时捷在中国市场共卖出42938辆，同比下降幅度达到26%，保时捷在华已连续4年出现下滑。 近日，保时捷中国CEO潘励驰与36氪等媒体展开交流，不仅对保时捷中国的销量与反击措施作出详细说 明，更是回应了保时捷中国智驾供应商、国产车型与保时捷的设计风云等热门话题。 对于保时捷销量的变化，潘励驰表示，结构性转变通常总是始于客户需求的变化，"中国客户的需求发 生了根本性改变，他们希望在车上也能获得完美的科技体验"。 他认为，中国本土品牌本身便拥有科技生态系统，加上新品牌没有旧平台和巨额投资的包袱，它们的确 比保时捷更快搭上了新的列车。随着竞争加剧，价格战随之而来。"卡宴所在的市场，三年间厂商建议 零售价下降超过1/3，用过去B级SUV的价格就可以买到C级SUV了"。 面对挑战，保时捷也在积极进行调整。 过去一年，保时捷部分经销商突然闭店，导致已付款车主未能如期提车。潘励驰在交流中回应，表示事 件中的经销商公司东安集团已经不在保时捷经销商名单之中，相关车主将在本月内获得交付。 2026年保时捷经销商体系将持续优化，网点数量将从2025年的114家缩减至 ...

"保时捷一直深耕赛车运动，我们不是短跑选手，而是耐力赛的参与者。" 保时捷全球销量下降10%，中国区交付量下降26%——这是保时捷在2025年的销量成绩单。 "这样的结果在我们的预期之内。"在包括凤凰网科技在内的一场媒体沟通会上，保时捷中国总裁及CEO 潘励驰（Alexander Pollich）没有回避销量的下滑。但他强调，保时捷始终秉持"质大于量"的原则，"我 们不追逐销量数字"。 金融服务渗透率高。超过一半的保时捷销量通过保时捷金融服务完成。"金融服务能将客户与品牌紧密 联结。例如，当"无忧先享"金融服务合同到期时，我们就能与客户展开新的沟通，探讨后续的购车需 求。" 潘励驰特别强调了车辆残值对豪华品牌的重要性："如果一款车使用3年后残值仅剩下40%，那它就称不 上真正的豪华产品，也无法支撑品牌的长期发展。而保时捷的残值表现在豪华车领域处于领先地位，这 让我们深感自豪，也进一步巩固了品牌价值。" 在客户满意度方面，JDPower 2025中国车辆可靠性研究显示，卡宴和Macan在各自细分市场的SUV品类 中排名第一。疫情期间及之后，保时捷连续8年蝉联全球最具价值豪华品牌。"我们在中国开展的品牌监 测研究 ...

Porsche (OTCPK:DRPR.F) Update Summary Company Overview - **Company**: Porsche - **Date of Call**: January 20, 2026 Key Points Industry and Market Dynamics - **Global Deliveries**: Porsche delivered 279,400 vehicles globally in Q4 2025, reflecting a 10% decline year-over-year due to product runouts and market dynamics, particularly in China [2][3] - **Electrification**: Electrified models accounted for 34% of total deliveries, with 22% being fully electric and 12% plug-in hybrids. In Europe, electrified models surpassed combustion-only deliveries for the first time, reaching a 58% share [2] - **Regional Performance**: North America remained Porsche's largest market with 86,200 deliveries. China saw 42,000 units delivered, impacted by market softness in the luxury segment [3][2] Sales and Product Performance - **Model Highlights**: The 911 achieved a record high of 52,000 units, while the Macan was the strongest model with 84,300 units, over half of which were all electric [2] - **Customer Demand**: Strong demand for individualization and new models, particularly the 911 Turbo S and Cayenne BEV, was noted. Incoming orders are in line with market realities [5][4] Financial Performance - **Revenue Expectations**: Group revenues for Q4 and FY 2025 are expected to decline at a lower rate than wholesales due to a strong premium product mix and pricing effects [6] - **Extraordinary Expenses**: Porsche anticipates approximately EUR 3.1 billion in extraordinary expenses for FY 2025 related to strategic realignment, including product strategy adjustments and battery technology initiatives [6][7] - **Cash Flow**: Q4 cash flow is expected to remain slightly positive despite extraordinary outflows of around EUR 700 million [11] Strategic Realignment - **Long-term Focus**: The strategic realignment is aimed at supporting long-term competitiveness and sustainable growth, despite short-term financial burdens [8] - **Cost Management**: Continued inflationary pressure is expected, particularly in material costs and compensation payments to BEV suppliers [8][13] 2026 Outlook - **Sales Projections**: Retail and wholesale volumes for 2026 are expected to be below 2025 levels, with a significant increase in the share of BEVs [12][29] - **Pricing Strategy**: Pricing is expected to remain positive, with an improved mix for the 911 model [29] - **CapEx and R&D**: CapEx for FY 2026 is expected to be significantly lower for ongoing business, with a EUR 1 billion-plus license payment to Audi impacting reported CapEx [32][36] Dividend Policy - **Dividend Proposal**: The executive board intends to propose a dividend for FY 2025 that is materially lower than the previous year but above a 50% payout ratio, reflecting financial discipline and long-term value creation [18] Geopolitical and Economic Factors - **Tariff Impact**: The company is closely monitoring U.S. import tariffs and their potential impacts on cost structures and planning reliability [12][16] Management Transition - **Leadership Changes**: New CEO Dr. Michael Leiters is focused on establishing a clear vision for Porsche and enhancing customer focus and operational performance [23][24] Additional Notes - **Market Volatility**: The company is navigating significant transformation within the European automotive industry, influenced by structural factors such as the slower adoption of electric mobility and geopolitical uncertainties [11][12] - **Future Communication**: A Capital Markets Day is planned for later in the year to provide further insights into Porsche's strategy and product developments [33]

Core Viewpoint - Porsche's CEO Oliver Blume admitted a significant strategic error regarding the discontinuation of the first-generation Macan gasoline model, reflecting the challenges luxury car manufacturers face during the electric transition [1][3][5] Group 1: Strategic Decisions - The decision to stop production of the first-generation Macan was initially seen as a key step in Porsche's electrification strategy, but Blume's acknowledgment of this mistake adds complexity to his ten-year leadership [3][5] - The first-generation Macan has been a crucial model for Porsche, with production starting in late 2013 and reaching its one-millionth unit by July 2025, making it the third model in Porsche's history to achieve this milestone [3][5] - The gasoline version of the Macan sold 87,355 units in 2023, ranking second in brand sales, just behind the Cayenne [3][5] Group 2: Market Impact - The first-generation Macan will be phased out globally by mid-2026, with the last batch of gasoline models set to roll off the production line at that time [3][8] - The discontinuation of the gasoline Macan has created a market gap, as the electric Macan, set to launch in 2024, has not fully compensated for the demand left by the gasoline version, particularly in key markets like China and the U.S. [9][10] Group 3: Strategic Adjustments - In response to the market gap, Porsche is adjusting its strategy by increasing the development of internal combustion engine and hybrid models, including a new gasoline-powered crossover set to launch in 2028 [10][11] - The new crossover will be positioned below the Cayenne and will not carry the Macan name, targeting the compact luxury SUV segment [10][11] - Porsche's strategic shift includes extending the lifecycle of existing internal combustion models and introducing more gasoline variants in core series like the 911 and Cayenne, marking a return to a multi-powertrain strategy [13]

Core Viewpoint - The former CEO of Porsche, Oliver Blume, publicly acknowledged significant strategic mistakes during his tenure, particularly regarding the decision to transition the Macan model to an all-electric version, which he now admits was a misjudgment [1][3][6]. Group 1: Strategic Missteps - Blume recognized that since Porsche's IPO three years ago, shareholders have suffered losses, and he accepted this criticism [3]. - The decision to design the second-generation Macan as a fully electric vehicle was deemed a mistake due to the inflexibility of the product portfolio at that time [3][6]. - The Macan model has been a crucial revenue pillar for Porsche, achieving a production milestone of one million units in just 12 years, making it the third model in Porsche's history to reach this sales figure [3][5]. Group 2: Market Response and Adjustments - Porsche plans to correct its strategic errors by increasing the production of fuel and hybrid vehicles, acknowledging strong market demand for these models [3][8]. - The first-generation Macan will cease production in mid-2026, leading to a product gap until a new fuel-powered crossover is expected to launch in 2028 [7][8]. - The new fuel-powered crossover will be developed using the Volkswagen Group's Premium Platform Combustion (PPC) platform, which may impact Porsche's brand identity [8]. Group 3: Financial and Operational Challenges - Porsche is facing significant financial pressure due to a sharp decline in the Chinese luxury car market and high tariffs in the U.S., which account for over 50% of its total sales [10][12]. - The company has adjusted its sales expectations in China, reducing its dealer network from 154 to 100 by the end of 2026 to improve operational efficiency [12][13]. - A global cost-cutting plan includes laying off 1,900 permanent positions and not renewing contracts for 2,000 temporary workers [14]. Group 4: Future Strategy - Porsche's future strategy focuses on high-end fuel and hybrid sports cars, as the company believes there will still be a market for fuel vehicles in China for the next 10 to 15 years [15]. - The leadership transition to new CEO Michael Leiters will be crucial in navigating the product gap and reversing market decline [16].

Core Viewpoint - The former CEO of Porsche, Oliver Blume, acknowledged significant strategic errors during his tenure, particularly regarding the decision to transition the second-generation Macan to an all-electric vehicle, which he now admits was a mistake [5][20]. Group 1: Strategic Missteps - Porsche's decision to make the second-generation Macan an all-electric vehicle was based on a rigid product portfolio that lacked flexibility, leading to a misjudgment of market readiness for such a transition [5][13]. - The Macan has been a crucial revenue driver for Porsche, achieving a production milestone of one million units in just 12 years, making it the third model in Porsche's history to surpass this figure [7][9]. - The discontinuation of the fuel-powered Macan in Europe due to new safety regulations has created a product gap, with the new electric Macan not fully meeting market demand for a lower-priced fuel-powered crossover [11][13]. Group 2: Adjustments and Future Plans - Porsche is now focusing on correcting its strategic errors by developing a new fuel-powered crossover that will not carry the Macan name, aiming to maintain brand identity while addressing market needs [17][19]. - The company plans to leverage synergies within the Volkswagen Group to expedite the development of this new vehicle, which will share a platform with the new Audi Q5 [15][17]. - Porsche is also reintroducing gasoline-powered models like the Boxster and Cayman, indicating a shift back to high-end fuel and hybrid sports cars, as the luxury electric vehicle market in China is still developing [27]. Group 3: Market Challenges - Porsche is facing significant challenges in its core markets, with the Chinese luxury car market experiencing an over 80% drop and high tariffs in the U.S. impacting profitability [24][27]. - The company has adjusted its sales expectations in China, reducing its dealer network and production capacity to maintain profitability amid declining sales [24][27]. - The leadership transition to new CEO Michael Leiters will be critical in navigating these challenges and addressing the product gap created by the shift in strategy [28].

Core Viewpoint - Porsche Cars North America has issued one of its largest single safety recalls in recent years, addressing compliance issues with rear visibility standards [1] Group 1: Recall Details - The current recall affects specific models including 2019-2025 Cayenne, Cayenne E-Hybrid, 2020-2025 911, Taycan, 2024-2025 Panamera, and 2025 Panamera E-Hybrid [1] - This recall follows a 2022 recall that involved 222,858 vehicles due to missing headlight adjustment screw covers [1] Group 2: Regulatory Compliance - The recall was initiated after regulators identified that the affected vehicles do not meet the Federal Motor Vehicle Safety Standard's requirements for rear visibility [1]

Core Viewpoint - Porsche is recalling 173,538 vehicles in the U.S. due to a defect in rearview cameras that may cause them to go dark while reversing, which increases the risk of accidents [1][2][5]. Group 1: Recall Details - The recall affects specific models including 2019-2025 Cayenne, 2020-2025 911, Taycan, and 2024-2025 Panamera vehicles [1]. - The National Highway Traffic Safety Administration (NHTSA) stated that the affected vehicles do not meet federal safety standards for rear visibility [5]. - This recall is one of the largest single safety recalls for Porsche Cars North America in recent years [9]. Group 2: Remedial Actions - Porsche dealers will resolve the issue by updating the driver-assistance software at no cost to vehicle owners [6]. - Interim warning letters are expected to be mailed on February 16, with follow-up notices to be sent once a final remedy is available [6]. Group 3: Industry Context - The recall comes amid a trend of increasing recalls in the auto industry, particularly related to rearview camera systems, with other manufacturers like Toyota and Ford also announcing significant recalls for similar issues [9][12][13].

Core Viewpoint - Porsche China is set to terminate sales operations at the Beijing Shijingshan Porsche Center and plans to reduce its sales outlets in China to around 80 by 2026, while refocusing on internal combustion engine vehicles amid increasing competition in the electric vehicle market and pressure on performance in China [1][4]. Group 1: Sales Network Adjustments - The Beijing Shijingshan Porsche Center will close next year, with current discounts on the electric Taycan model reflecting the impending closure [2]. - Porsche China is actively planning a new retail network blueprint in Beijing to enhance operational efficiency and customer experience amid the rapid development of the luxury car market [3]. - By the end of this year, Porsche's sales outlets will be reduced from 150 to 120, with a further reduction to around 80 by the end of 2026, focusing on core cities and provinces [3]. Group 2: Product Strategy Shift - Porsche is shifting its product strategy to prioritize internal combustion engine vehicles, as the competitive landscape for electric vehicles has intensified, diluting the market advantage of the Taycan [4][5]. - The company plans to launch a new large SUV with an internal combustion engine version first, and will also introduce internal combustion and plug-in hybrid models in the B-segment SUV market [4]. Group 3: Financial Performance and Market Challenges - Porsche's global sales declined by 6% to 212,500 units in the first three quarters of 2025, with sales in China dropping by 26% to 32,200 units, significantly down from a peak of 95,000 units in 2021 [5][6]. - The operating profit for Porsche in the first three quarters of 2025 fell by 99% to €4 million, with challenges in the Chinese market cited as a core reason [6]. Group 4: Localization and Future Strategy - Porsche is accelerating local R&D efforts, having established a new center in Shanghai to develop solutions tailored for the Chinese market [7]. - The company aims to balance supply and demand while maintaining brand value, recognizing the challenges posed by local brands with cost advantages and improved product capabilities [7]. - Successful implementation of the "Win Back China" strategy will depend on deep, systematic localization changes and the ability to meet Chinese consumers' high expectations for intelligent vehicle systems [8].