1月26日的呼伦贝尔牙克石，气温零下三十多度，数十辆保时捷车型在冰雪覆盖的云龙湖面展开了极限漂移，这是一年一度保时捷"凌驾风雪"品牌活动上的 一幕。保时捷的多款明星车型齐上阵，如新款911 GT3、Panamera、Cayenne、纯电动Taycan、纯电动Macan等。经由专业指导，驾驶者们得以在冰雪赛道中 体验这些车型高超的操控性。 作为全球极具知名度的跑车品牌，保时捷在中国市场已经发展了25年，也积累了众多的车主和粉丝。为了强化自身"梦想跑车"的形象，保时捷在中国市场举 办多样化的品牌活动，凌驾风雪驾驶项目就是其中之一，此外还通过上海保时捷中国体验中心、保时捷旅行体验、保时捷赛道体验等，吸引车主和粉丝参 与，不断推动和完善中国跑车文化的体系发展。 当前，汽车正在从燃油车时代向电动车时代演变，这给很多在燃油车时代创下辉煌的汽车品牌带来冲击。以保时捷为代表的大多数超级豪华车品牌，如今面 临着如何转型发展的课题。而保时捷认为，即使在电动车时代，也应一直追求纯粹的驾驶乐趣，这是其品牌"不可替代"的根本所在。 "原先的 4S店模式大约确立于 2001 年左右，我们刚进入中国内地市场，通常位于城市的边缘地带，规模很 ...

Core Insights - Porsche plans to introduce new B and D class SUVs by 2030, including both fuel and plug-in hybrid versions, alongside several new models tailored for the Chinese market [1][6] - The company aims to maintain a "quality over quantity" strategy, focusing on brand value rather than short-term sales growth [5][14] - Porsche's sales network will be optimized, reducing the number of dealerships from 114 to 80 by the end of 2026 [10] Product Strategy - New models to be launched include the 911 GT3, GT3 Touring, and five China-exclusive models such as the Panamera and Cayenne variants [6] - A fully electric Cayenne will debut at the 2026 Beijing Auto Show, with a new generation of infotainment systems also set to be introduced [6][9] - The company is committed to evaluating various partnerships for advanced driving assistance systems, emphasizing safety and driver-centric design [7][9] Market Challenges - In 2025, Porsche's new car deliveries in China are expected to decline by 26% to approximately 42,000 units, reflecting significant market challenges [3] - The competitive landscape has shifted due to local brands capitalizing on changing consumer demands, leading to a decrease in prices across segments [3][5] - The luxury car tax threshold reduction from 1.3 million to 900,000 yuan will impact 30% of Porsche's products, necessitating an 11% price increase [3] Brand Strategy - Porsche's "Win Back China" strategy emphasizes five key principles, including the importance of the Chinese market and the need to strengthen the brand's unique identity [5][14] - The company recognizes the need for deep collaboration with local suppliers to enhance its technological capabilities [6][9] - Porsche aims to ensure that all products meet high standards of quality, safety, and reliability, prioritizing these over rapid production [14][16] Sales Network Optimization - The sales network will be streamlined, with a focus on enhancing brand presence through various touchpoints, including experience centers and brand spaces [10] - The number of dealerships has already decreased from 150 to 114, with plans for further reductions [10] - The company is committed to supporting sustainable development for its dealers while enhancing brand influence in key regions [10]

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 global sales for 2025 are projected to decline by 10% to 279,400 units, with a significant drop of 26.28% in the Chinese market, reflecting broader challenges in the luxury car sector [1][2]. Group 1: Sales Performance - Porsche's sales in China have decreased for four consecutive years, with figures of 93,300 units in 2022, 79,300 units in 2023, and 56,900 units in 2024, showing year-on-year declines of 2.5%, 15%, and 28% respectively [1]. - The company aims to adjust its sales network from 120 outlets at the end of 2025 to approximately 80 by the end of 2026, based on market potential analysis [4]. Group 2: Strategic Adjustments - Porsche is focusing on maintaining a healthy supply-demand relationship and a stable value system, emphasizing quality over quantity in its sales strategy [1]. - The introduction of China-exclusive models like the Cayenne and Macan has received positive market feedback, indicating initial success from strategic adjustments [2]. Group 3: Market Challenges - The luxury car market in China is facing structural challenges, particularly from the rapid rise of domestic electric vehicle brands, which poses a common issue for traditional luxury brands [2]. - The upcoming changes in luxury car consumption tax policy in 2026 are expected to have a significant impact, leading to a cautious outlook for that year [3]. Group 4: Future Plans - Porsche plans to continue executing its "Win Back China" strategy, focusing on enhancing brand strength and customer loyalty rather than merely returning to previous sales levels [3]. - The company is committed to investing in local R&D, brand experience, and dealer network improvements to ensure sustainable profitability [3][5]. Group 5: Dealer Support - Porsche is working to enhance dealer profitability by reducing cost pressures and providing marketing support, including financial assistance for wholesale financing and optional configurations [5]. - The company emphasizes a value-driven sales approach rather than just volume growth, believing that maintaining brand value and channel health will lead to high-quality growth [5].

Core Viewpoint - Porsche's sales are significantly declining, particularly in the Chinese market, with a global sales drop of 10% in 2025, marking the largest decline since the 2009 financial crisis [3]. Sales Performance - In 2025, Porsche's global sales reached approximately 279,000 units, a decrease of 10% year-on-year [3]. - Sales in China fell to about 42,000 units, down 26% year-on-year, and nearly 60% from the peak in 2021 [3]. - Porsche has experienced four consecutive years of declining sales in China, with a notable drop from 79,000 units in 2023 to 57,000 units in 2024 and 42,000 units in 2025 [3]. Market Strategy - Porsche's strategy prioritizes single-vehicle profit over sheer sales volume, which has impacted delivery numbers [3]. - The company is reducing its sales network in China, planning to cut from 150 to 120 outlets by the end of 2025, and further down to around 80 by the end of 2026 [4]. Inventory and Pricing - Some Porsche dealerships have reported operational issues, and there have been closures of certain outlets in cities like Zhengzhou and Yiwu [5]. - To clear inventory, Porsche has offered significant discounts on end prices [5]. Electric Vehicle Strategy - The rapid development of the electric vehicle market in China has altered the automotive landscape, with domestic high-end brands affecting traditional luxury car sales [5]. - Porsche was an early entrant in the electric vehicle market with the Taycan in 2019 but has not developed models specifically for the Chinese market, leading to underperformance [5]. - In September 2025, Porsche announced a slowdown in its electrification process, delaying the launch of some electric models and focusing on more fuel and plug-in hybrid vehicles [5]. Localization Efforts - Porsche is accelerating its localization efforts to better meet the demands of the Chinese market, including the launch of a new infotainment system tailored for China in 2025 [6]. - A new research and development center in China was inaugurated in November 2025, integrating R&D, procurement, and quality control [6]. Future Outlook - The CEO of Volkswagen Group indicated that Porsche's sales in China are not expected to grow in the short term, with plans to reduce channel network size and production capacity while maintaining high profit margins [6].

Core Viewpoint - Porsche's sales are experiencing a significant decline, particularly in the Chinese market, with a projected global sales drop of 10% in 2025 compared to the previous year, marking the largest decline since the 2009 financial crisis [2] Group 1: Sales Performance - Porsche's global sales are expected to be approximately 279,000 units in 2025, down 10% year-on-year [2] - In China, Porsche's sales are projected to be around 42,000 units in 2025, reflecting a 26% decline and nearly a 60% drop from the peak in 2021 [2] - The company has faced a continuous sales decline in China for four consecutive years, with a notable drop of 15% in 2023 [2] Group 2: Market Strategy - Porsche's strategy prioritizes single-vehicle profit over sheer sales volume, which has impacted delivery numbers [2] - The company is reducing its sales network in China, planning to cut the number of sales outlets from 150 to 120 by the end of 2025, and further down to around 80 by the end of 2026 [3] - Porsche's electric vehicle offerings have not met market expectations, leading to a slowdown in its electrification process and a shift towards more fuel and plug-in hybrid models [3][4] Group 3: Product Development - Porsche currently offers two electric models in China (Taycan and Macan), with plans to launch electric versions of Cayenne and 718 this year [4] - The company is accelerating its localization efforts in China, including the launch of a new generation of a China-exclusive infotainment system by 2026 [4] - Future models developed for the Chinese market must align with Porsche's brand values, as stated by the CEO of Volkswagen Group [4]

Core Viewpoint - Porsche, once considered a "money printing machine" in the luxury car market, is currently facing unprecedented challenges, with a significant decline in global deliveries and stock price pressure [1][3]. Sales Performance - In 2025, Porsche's global deliveries totaled 279,449 units, a 10% decrease from 310,718 units in 2024 [3][4]. - The most significant decline occurred in the Chinese market, where deliveries fell to 41,938 units, down 26% year-over-year [4][5]. - Sales in the German market dropped by 16% to 29,968 units, while sales in the rest of Europe decreased by 13% to 66,340 units [4][5]. - North America remained Porsche's largest single market, with sales of 86,229 units, showing no significant change compared to the previous year [4]. Market Challenges - The decline in sales is attributed to several factors, including a lack of competitive products in the luxury segment and increased competition from domestic brands in China [5][6]. - Porsche's sales director, Matthias Becker, indicated that the company is facing challenges due to a product line gap, particularly with the 718 and Macan fuel models, and a sustained weak demand for high-end products in China [5][6]. - The company has also been impacted by tariffs on imported cars in the U.S., which have affected profitability [3]. Strategic Adjustments - Porsche plans to close approximately 200 self-built charging stations in China starting March 2026, reflecting the company's struggle in the Chinese market [6][8]. - The company is also considering reducing the number of 4S stores in China to 80, indicating a significant shift in its operational strategy [8]. - Porsche aims to accelerate its electrification strategy, targeting over 80% of new vehicles to be electric by 2030, while continuing to produce existing fuel models until the 2030s [8].

Sales Performance - Porsche Cars Canada, Ltd. reported total sales of 10,010 units for 2025, reflecting a decrease of 3.5% compared to 2024's sales of 10,374 units [1][3] - Porsche Approved Certified Pre-Owned vehicle sales increased to 4,295 units in 2025, marking a growth of 4.7% from 4,101 units in 2024 [1][3] Model-Specific Sales - The 718 Boxster saw sales of 468 units in 2025, up from 451 units in 2024 [3] - The 718 Cayman experienced a significant increase in sales, reaching 506 units in 2025 compared to 379 units in 2024 [3] - The 911 model sold 2,037 units in 2025, down from 2,208 units in the previous year [3] - The Cayenne model's sales decreased to 2,551 units from 2,949 units in 2024 [3] - The Macan model had sales of 3,877 units, an increase from 3,779 units in 2024 [3] - The Panamera model's sales rose to 321 units from 248 units in 2024 [3] - The Taycan model saw a decline in sales, with 250 units sold compared to 360 units in 2024 [3] Brand Development - The opening of the Porsche Experience Centre Toronto in 2025 has enhanced customer engagement and brand presence in Canada, being the first of its kind in the country and the tenth globally [2][4] - Porsche Cars Canada, Ltd. employs over 70 staff members to support various functions including sales, marketing, and public relations, ensuring a high-quality customer experience [4]

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].