Core Insights - Porsche reported a third-quarter loss of €966 million (approximately ¥8 billion), leading to a 99% year-on-year decline in sales profit for the first three quarters of the year [3][8] - A fire incident involving a Porsche Taycan raised safety concerns about the brand, occurring during driving with no casualties reported [3][5] - The company has faced multiple fire incidents in electric vehicles within a short period, indicating a potential trend in safety issues [5] Financial Performance - For the first nine months of the year, Porsche's sales profit plummeted from €4 billion in 2024 to only €40 million, a 99% decrease [8] - The company anticipates customs duties to reach €700 million this year, impacting profitability [8] - Porsche's stock value has halved since its IPO in 2022, reflecting significant market challenges [8] Market Dynamics - Porsche's electric vehicle delivery accounted for only 27% of total sales in 2024, falling short of its goal to have over half of new cars electrified by 2025 [9] - Global deliveries for Porsche decreased by 6% year-on-year, with the Chinese market experiencing a 26% drop [9] - The company is adjusting its product strategy, including the introduction of new internal combustion engine models and delaying some electric vehicle launches [9] Management Changes - Current CEO Oliver Blume will step down, with Michael Leiters set to take over in January 2026, amid concerns about potential conflicts of interest during a critical transition period for the company [8]