PORSCHE Pre-Close Call Q3 2025 S T U T T G A R T , O C T O B E R 1 0 DR. ING. H.C. F. PORSCHE AG 1 Disclaimer Following our Q3 sales release on October 9th 2025, the Q3 Pre-Close call aims to provide all analysts and investors with the contents of that sales release, the most recent management statements at roadshows, conferences, and events. We also refer to the relevant messages from the H1 2025 earnings call and relevant public statements that we have made in the interim period. The remarks, comments and ...

Core Insights - Porsche has announced a significant strategic shift, delaying the launch of certain electric vehicle models and refocusing on fuel and hybrid vehicles due to declining sales and increasing profitability pressures [2][3] Group 1: Strategic Adjustments - The development of a new electric platform originally scheduled for the 2030s has been indefinitely postponed, with Porsche opting to collaborate with other brands within the Volkswagen Group to restructure its technology framework [2] - The flagship SUV series (internal code K1) will prioritize the release of fuel and plug-in hybrid versions, while the electric version's launch date remains uncertain [2] - The launch of the 718 electric version has been significantly delayed from 2026 to around 2035, and the fuel and hybrid versions of key models like Cayenne and Panamera will continue to be sold until around 2035 [2] Group 2: Market Challenges - Demand for luxury electric vehicles has not met expectations, with Porsche's electric vehicle sales dropping by 32% year-on-year in the first half of 2025, and the flagship Taycan experiencing a 41% decline [3] - Trade policies, such as the 27.5% tariff on imported cars in the U.S., have led to a 15% price increase for models like Macan, resulting in a 28% drop in sales in the U.S. market [3] Group 3: Competitive Landscape - Domestic electric vehicle manufacturers in China, such as BYD, NIO, and Xpeng, are rapidly gaining market share and posing a significant challenge to traditional luxury brands like Porsche [4][8] - The Chinese electric vehicle market is projected to exceed 12 million units in production and sales in 2024, maintaining its position as the world's largest market for ten consecutive years [4] - The top ten companies in China's electric vehicle market accounted for 85.6% of total sales, with Porsche not ranking among them [6]

Core Viewpoint - Porsche has officially adjusted its product strategy to include new internal combustion engine models, extend the market lifecycle of existing fuel and plug-in hybrid models, and delay the launch of certain electric vehicle models, indicating a shift from aggressive electrification goals to a dual-track approach of fuel and electric vehicles [1][3][5] Strategic Adjustment - The decision clarifies Porsche's future product strategy, with a revised timeline for the electric platform development initially planned for the 2030s, while continuing to update existing electric models [3][5] - New internal combustion engine models will be added to the product matrix, and the lifecycle of current internal combustion models will be extended, with replacement models included in the planning [3][5] - A new SUV series, originally planned to be fully electric, will now launch with internal combustion and plug-in hybrid variants first, while the existing electric lineup will continue to be updated [3][5] Financial Performance - The strategic adjustment aims to enhance financial performance in the upcoming fiscal year, although it will incur significant depreciation and provisions in the short term [3][6] - 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 this year, Porsche's net profit dropped to €718 million, a 66.6% decrease, with the sales return rate falling from 15.7% to 5.5% [6] Sales and Market Dynamics - In the first half of 2025, Porsche's global sales reached 146,000 units, a 6% decline year-on-year, with sales in China dropping 28% to 21,300 units [7] - The high costs and lower profit margins of electric vehicles, coupled with increased tariffs in the U.S., have led Porsche to lower its financial forecasts, with a revised sales return rate expectation of 5% to 7% for 2025 [7] - Other international automakers, including Audi, Mercedes, BMW, and Volvo, are also adjusting their electrification strategies, moving away from strict timelines for phasing out internal combustion engines [8][9]

超豪华汽车制造商保时捷似乎放慢了自己的电动化进程。 9月22日，保时捷宣布董事会与监事会正式敲定产品战略调整方案，决定在产品矩阵中新增更具品牌特色的内燃机车型，并推迟部分纯电动车型的上市节 奏。 "今天我们确立了产品战略调整的最终方案。当前汽车行业正经历剧烈变革，因此我们正在全面推进保时捷的战略调整。通过此次调整，我们将以足够惊艳 的产品适应新的市场环境、满足不断变化的客户需求，同时为投资者创造稳健的财务回报。"保时捷执行董事会主席奥博穆（Oliver Blume）表示。 具体来看，鉴于市场环境变化，保时捷原定于2030年代推出的电动平台研发计划将重新调整时间表，并与大众集团旗下其他品牌开展技术重构与协同。而定 位高于Cayenne的全新SUV系列原计划为纯电动车型，如今将率先推出内燃机及插电式混合动力车型，再视市场节奏推进电动化落地。 "豪华纯电动车型的市场需求增速显著放缓，此举是公司针对这一情况的应对策略。"保时捷方面表示。 从乘联分会数据来看，今年前7个月，在我国汽车市场，40万元以上的汽车市场新能源渗透率在1.3%，去年全年则为1.6%。对比来看，10万元以下的汽车市 场新能源渗透率在16.5%，而1 ...

Group 1 - Volkswagen AG's subsidiary, Porsche, has delayed its electric vehicle rollout due to weaker demand, challenges in China, and higher U.S. tariffs, leading to reduced profit forecasts for 2025 for both Porsche and Volkswagen [1][4] - The upcoming SUV above the Cayenne, initially planned as a fully electric model, will now launch with combustion engine and plug-in hybrid options, while the Panamera and Cayenne will continue to offer combustion and hybrid variants into the 2030s [2][3] - The delay in EV adoption means certain all-electric models will launch later than planned, and Porsche is rescheduling the development of its next-generation EV platform for the 2030s, reflecting slower-than-expected demand for high-end battery-electric vehicles [3][4] Group 2 - The rescheduling of the EV platform will incur depreciation and provisions that could impact 2025 operating profit by up to €1.8 billion, prompting Porsche to revise its outlook for a positive sales return of up to 2%, down from the previous estimate of 5-7% [4][8] - Porsche is now targeting a medium-term operating return on sales in the low double digits, with business growth expectations lowered to up to 15%, compared to the earlier guidance of 15-17%, and an automotive EBITDA margin of 10.5-12.5%, down from 14.5-16.5% [4][8] - Volkswagen has also lowered its profit margin forecast to 2-3%, compared to the previous guidance of 4-5% [4][8]

Group 1 - Volkswagen Group anticipates a €5.1bn ($5.98bn) impact on its operating profit for 2025 due to Porsche's postponement of new all-electric models [1] - Porsche has revised its medium-term profit targets for Volkswagen Group, lowering the expected return on sales from 15-17% to 10-15% [2] - The launch of certain all-electric vehicle models has been delayed, with a new platform for electric vehicles in the 2030s being rescheduled [3] Group 2 - Porsche's changes, including write-downs on capitalized project costs, will lead Volkswagen Group to revise its operating return on sales forecast for 2025 [4] - Volkswagen Group will incur a non-cash impairment charge of approximately €3bn on goodwill allocated to Porsche, affecting the current year's operating result [5] - The operating return on sales expectations for Volkswagen Group in 2025 has been adjusted to 2-3%, down from 4-5%, with net cash flow in the automotive division now expected to be around €0bn [6]

Core Viewpoint - Porsche is adjusting its product strategy to include more brand-specific internal combustion engine models, extending the market lifecycle of existing fuel and plug-in hybrid models, and delaying the launch of certain electric vehicle models [2][3]. Group 1: Product Strategy Adjustments - The new SUV project, originally planned for a pure electric platform, will now first launch internal combustion and plug-in hybrid versions before progressing to electric models based on market conditions [2]. - Porsche will continue to update its existing electric lineup, which includes the Taycan, Macan, Cayenne, and the upcoming 718 series sports cars [2][3]. - The timeline for the electric platform originally set for the 2030s will be adjusted, with a focus on technical restructuring and collaboration with other brands under the Volkswagen Group [3]. Group 2: Market Response and Financial Implications - The management cites a significant slowdown in demand growth for luxury electric vehicles as a reason for optimizing the structure and pace of its powertrain strategy [3]. - This adjustment aims to improve mid-to-long-term financial performance, although it will result in substantial depreciation and provisions in the short term due to the reorganization of platforms and projects [3]. - Extending the lifecycle of fuel and hybrid products will help maintain stable sales and cash flow, allowing more time for technical restructuring and cost optimization of the electric platform [3]. Group 3: Brand and Market Positioning - The introduction of distinctive internal combustion engine models is seen as a strategy to stabilize user recognition and market position before electric vehicles are fully matured [5]. - The choice to continue producing fuel vehicles is not only about financial balance but also about preserving the brand's spirit, as engine sound and driving experience remain key attractions for users [5]. - The strategy reflects the reality that the path to electrification is not linear, and a multi-faceted approach may be the most prudent route until electric vehicle technology is fully developed [5].

Core Viewpoint - Porsche has announced a significant adjustment to its long-term product strategy in response to changing market conditions, particularly the slowing demand for luxury electric vehicles [1][3]. Group 1: Product Strategy Adjustments - The company will revise the timeline for its electric platform originally planned for launch by 2030, prioritizing the development of internal combustion engine (ICE) and plug-in hybrid models in the next five years [1][3]. - Porsche will continue to update its existing electric models, including Taycan, Macan, and Cayenne, while extending the market lifecycle of current ICE models and introducing new ICE models with distinctive brand features [3][5]. - The Panamera and Cayenne ICE and plug-in hybrid versions will remain available until the 2030s [3][5]. Group 2: Financial Implications - The strategic adjustments are expected to result in significant financial losses for Porsche's parent company, Volkswagen Group, with an estimated loss of approximately €5.1 billion, and Porsche's operating profit loss projected to reach €1.8 billion this year [5][6]. - Both Volkswagen and Porsche have lowered their profit margin targets for the year, with Volkswagen reducing its operating profit margin forecast from 5% to 2%-3%, and Porsche's 2025 operating profit margin forecast now not exceeding 2%, down from 5%-7% [5][6]. Group 3: Market Challenges - Since its IPO in 2022, Porsche has struggled to meet market expectations due to increased competition in the luxury market in China and tariffs in the U.S. [6]. - The company is also undergoing layoffs in Germany and has abandoned plans for in-house battery production, indicating ongoing cost-cutting measures and efforts to seek market breakthroughs [6].

编译 / 吴 静 编辑 / 黄大路 设计 / 吴 静 来源 / C a rs c o o p s 、 A u t o n e w s 、 R e u t e rs 、 E v x l 事实证明，即使是保时捷也难逃现实的考验。面对持续的销量低迷和日益增长的盈利压力 ，保时捷 正在调整策略，对其产品计划进行重大反思。 与此同时，汽油动力版 Panamera 和 Cayenne 的粉丝们可以松一口气了。这两款车型都将在 2030 年代继续采用内燃机和混合动力技术。保时捷已确认， 其后续车型已纳入其长期 规划 ，确保其在未来几年的产品线中占据一席之地。 此次重组代价高昂。作为欧洲最大的汽车制造商，大众汽车表示，其子公司的此次大规模产品调整将使其损失 51 亿欧元。对于 保时捷 来说，此次调整 是一个重大转变，预计将导致保时捷今年的营业利润损失高达 18 亿欧元。 因此 ， 该汽车制造商将其 2025 年的销售回报率预期下调至最高 2% ，低于此前预测的 5% 至 7% 。 根据 上 周五发布的一份声明，这家跑车制造商正重新转向内燃机车型，包括混合动力车型，同时暂停即将推出的电动车型 。 " 我们已完成产品战略调整的最 ...

By Thomas Seythal and Christoph Steitz BERLIN/FRANKFURT (Reuters) -Porsche AG on Friday dialled back plans for its electric vehicle rollout due to weaker demand, pressure in key market China and higher U.S. tariffs, causing the luxury sportscar maker and its parent Volkswagen to slash their 2025 profit outlooks. Volkswagen, Europe's largest carmaker, said it would take a 5.1 billion euro ($5.99 billion) hit from the far-reaching product overhaul at its subsidiary. The changes are a major shift for the S ...