2025年前三季度，公司运营利润降至4000万欧元，同比暴跌99%，去年同期为40.35亿欧元；销售回报 率也暴跌至0.2%，而去年同期为14.1%。业绩大跌的主要原因包括：产品战略重组带来的特殊支出、中 国豪华车市场挑战、电池业务相关一次性影响、组织架构调整，以及美国进口关税成本上升。 据了解，保时捷上月宣布推迟部分纯电动车型的推出，延长多款燃油和混动车型市场生命周期，并终止 电池自产计划，相关重组措施带来约27亿欧元的额外支出。 （原标题：暴跌99%！传统豪车巨头，发生了什么？） 传统豪车品牌，业绩暴跌！ 最新披露的数据显示，保时捷今年前三季度营业利润同比暴跌99%至4000万欧元（约合人民币3.31亿 元），较去年同期的40.35亿欧元（约合人民币334亿元）断崖式下跌。公司销售回报率降至0.2%，而去 年同期为14.1%。 对于业绩的暴跌，保时捷解释，主要原因包括产品战略重组带来的特殊支出、中国豪华车市场挑战，以 及美国进口关税成本上升等。 营业利润暴跌 当地时间24日，德国大众集团旗下保时捷汽车公司发布了财报。数据显示，今年前三季度，保时捷的营 收为268.6亿欧元，同比下滑6%。 根据战略调整，保 ...

传统豪车品牌，业绩暴跌！ 对于业绩的暴跌，保时捷解释，主要原因包括产品战略重组带来的特殊支出、中国豪华车市场挑战，以及 美国进口关税成本上升等。 2025年前三季度，公司运营利润降至4000万欧元，同比暴跌99%，去年同期为40.35亿欧元；销售回报率 也暴跌至0.2%，而去年同期为14.1%。业绩大跌的主要原因包括：产品战略重组带来的特殊支出、中国豪 华车市场挑战、电池业务相关一次性影响、组织架构调整，以及美国进口关税成本上升。 据了解，保时捷上月宣布推迟部分纯电动车型的推出，延长多款燃油和混动车型市场生命周期，并终止电 池自产计划，相关重组措施带来约27亿欧元的额外支出。 今年前三季度，保时捷销量整体下滑6%至21.25万辆。其中，保时捷在中国市场的销量同比下降26%至 3.2万辆，德国市场销量同比下降16%至2.25万辆，整个欧洲市场（除德国外）同比下跌4%至5万辆。 面对经营压力，保时捷正启动结构性收缩。到2029年前，保时捷德国斯图加特总部地区将裁减约1900个 岗位，另有2000名临时员工的合同即将到期。目前，公司管理层正在与工会协商制定新一轮节约方案。保 时捷公司财务与信息技术执行董事Joche ...

传统豪车品牌，业绩暴跌！ 最新披露的数据显示，保时捷今年前三季度营业利润同比暴跌99%至4000万欧元（约合人民币3.31亿 元），较去年同期的40.35亿欧元（约合人民币334亿元）断崖式下跌。公司销售回报率降至0.2%，而去 年同期为14.1%。 对于业绩的暴跌，保时捷解释，主要原因包括产品战略重组带来的特殊支出、中国豪华车市场挑战，以 及美国进口关税成本上升等。 营业利润暴跌 当地时间24日，德国大众集团旗下保时捷汽车公司发布了财报。数据显示，今年前三季度，保时捷的营 收为268.6亿欧元，同比下滑6%。 另据第一财经报道，2020～2023年，保时捷营业利润在疫情影响下逆势节节攀升，分别为42亿欧元、53 亿欧元、68亿欧元、73亿欧元。在巅峰时期的2023年，保时捷营业利润率达到18%，这也让保时捷得名 豪车"印钞机"。而短短两年间，保时捷经营急转直下，2024年营业利润跌至56亿欧元，同比下滑超 23%，今年前三季度跌幅更大。 其他豪华车企的日子也不太好过。数据显示，奔驰集团第三季度全球销量为52.53万辆，同比、环比分 别下降12%、4%。前三季度，奔驰集团累计销量为160.16万辆，同比下降9 ...

（原标题：保时捷今年前三季度营业利润同比暴跌99%！发生了什么？） 传统豪车品牌，业绩暴跌！ 最新披露的数据显示，保时捷今年前三季度营业利润同比暴跌99%至4000万欧元（约合人民币3.31亿 元），较去年同期的40.35亿欧元（约合人民币334亿元）断崖式下跌。公司销售回报率降至0.2%，而去 年同期为14.1%。 对于业绩的暴跌，保时捷解释，主要原因包括产品战略重组带来的特殊支出、中国豪华车市场挑战，以 及美国进口关税成本上升等。 营业利润暴跌 另外，宝马集团近日表示，由于销售持续疲软以及关税成本增加，集团下调了2025年业绩预期：预计 2025年集团税前营业收入将略有下降，低于上年同期水平；预计税前利润将略低于去年的109.7亿欧 元，此前该公司预计该数字将持平；预计汽车部门营业利润率为5%～6%，而此前为5%～7%；自由现 金流将在25亿欧元左右，低于此前的50亿欧元。 保时捷计划在美国涨价 根据战略调整，保时捷计划扩充内燃机及插电混动车型阵容。鉴于电动化进程延迟，部分纯电车型将推 迟上市，原定2030年代新一代电动平台的研发将重新规划，该平台将在大众集团内进行协同技术重构。 Jochen Breck ...

传统豪车品牌，业绩暴跌！ 最新披露的数据显示，保时捷今年前三季度营业利润同比暴跌99%至4000万欧元（约合人民币3.31亿元），较 去年同期的40.35亿欧元（约合人民币334亿元）断崖式下跌。公司销售回报率降至0.2%，而去年同期为 14.1%。 对于业绩的暴跌，保时捷解释，主要原因包括产品战略重组带来的特殊支出、中国豪华车市场挑战，以及美国 进口关税成本上升等。 营业利润暴跌 当地时间24日，德国大众集团旗下保时捷汽车公司发布了财报。数据显示，今年前三季度，保时捷的营收为 268.6亿欧元，同比下滑6%。 2025年前三季度，公司运营利润降至4000万欧元，同比暴跌99%，去年同期为40.35亿欧元；销售回报率也暴 跌至0.2%，而去年同期为14.1%。业绩大跌的主要原因包括：产品战略重组带来的特殊支出、中国豪华车市场 挑战、电池业务相关一次性影响、组织架构调整，以及美国进口关税成本上升。 另据第一财经报道，2020～2023年，保时捷营业利润在疫情影响下逆势节节攀升，分别为42亿欧元、53亿欧 元、68亿欧元、73亿欧元。在巅峰时期的2023年，保时捷营业利润率达到18%，这也让保时捷得名豪车"印钞 ...

曾被称为豪车"印钞机"的保时捷迎来"至暗时刻"。 | Porsche AG | January - September | | | | --- | --- | --- | --- | | Deliveries | | | | | | 2024 | 2025 | Difference | | Worldwide | 226,026 | 212,509 | -6% | | Germany | 26,838 | 22,492 | -16% | | North America | 61,471 | 64,446 | +5% | | China | 43,280 | 32,195 | -26% | | Europe (excluding Germany) | 52,465 | 50,286 | -4% | | Overseas and Emerging Markets | 41,972 | 43,090 | +3% | 非经常性损益方面，2025年前九个月，保时捷因战略重组产生的特殊支出约为27亿欧元。此外，美国进 口关税的影响还带来了数亿欧元的额外成本。保时捷预计，2025财年与战略重组相关的总成本将达到约 31亿欧 ...

Core Insights - Porsche is experiencing a significant downturn, referred to as its "darkest hour," with a notable decline in financial performance and market challenges [1][2]. Financial Performance - For the first three quarters of 2025, Porsche reported a revenue decline of 6% to €26.86 billion compared to €28.56 billion in the same period of 2024 [2]. - Operating profit plummeted by 99% to €40 million, down from €4.035 billion year-on-year, resulting in an operating return on sales of only 0.2%, a drastic drop from 14.1% [2][3]. - Deliveries to customers decreased by 6% to 212,509 units, down from 226,026 units in the previous year [2][4]. Market Challenges - The decline in sales is attributed to several factors, including strategic product adjustments, a challenging market environment in China, one-time expenses related to battery activities, organizational restructuring costs, and increased import tariffs in the U.S. [3][5]. - Specifically, sales in China fell by 26% to 32,195 units, while Germany saw a 16% decline to 22,492 units, and overall European sales (excluding Germany) dropped by 4% to 50,286 units [4]. Strategic Adjustments - Porsche is undergoing a strategic restructuring, which includes a slowdown in its electric vehicle initiatives and a shift towards more fuel and hybrid models [5]. - The company plans to increase prices in the U.S. market to mitigate the impact of tariffs and has announced a workforce reduction plan, aiming to cut 1,900 jobs by 2029 [5][6]. - A new CEO, Michael Leiters, will take over in January 2026, following the departure of the current CEO, Oliver Blume, who has faced criticism for the dual leadership model with Volkswagen [6]. Future Outlook - The CFO of Porsche indicated that 2025 is expected to be a low point for the company, with significant improvements anticipated starting in 2026 [6].

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 has officially discontinued the fuel-powered versions of the Boxster and Cayman, closing global order channels for these models, while the exact production cessation date remains unannounced [1] Group 1 - Porsche has not disclosed the official production end date for the Boxster and Cayman models [1] - There are rumors suggesting that Porsche may take until 2026 to fulfill all existing orders for the 718 Cayman and Boxster [1] - The company is actively developing electric versions of these models, with mass production expected to begin in 2026 [1]

Domestic News - Anhui Province will waive towing and lifting fees for highway rescue services starting September 20, 2025, to enhance road network efficiency and public satisfaction [2] - Chongqing City has allocated an additional budget of 135 million yuan for vehicle and electric bicycle trade-in subsidies, with specific allocations for scrapping and replacing vehicles [3] - In August, China's new energy vehicle retail sales reached 1.079 million units, a year-on-year increase of 5% and a cumulative retail of 7.535 million units for the year, up 25% [4] International News - The labor committee of Volkswagen Group is pressuring CEO Oliver Blume to relinquish his dual leadership role as both CEO of Volkswagen and Porsche, a concern since Porsche's IPO in 2022 [5] - General Motors CEO Mary Barra sold 370,000 shares of the company, cashing out approximately $21.67 million, which represents 40% of her holdings, raising investor concerns about the company's future performance [6] - The Korea Exchange reported that all top ten corporate groups in South Korea, including Samsung and Hyundai, have submitted plans to enhance corporate value [7] Corporate News - Wang Xiaofei has been appointed as the new Executive Vice President of Changan Ford, succeeding Yang Dayong [12] - NIO's CEO Li Bin announced a target of 50,000 monthly deliveries in Q4 2025, with specific production targets for the L90 and new ES8 models [13] - China Export & Credit Insurance Corporation has insured a $285 million project for a nickel material production line in Morocco, marking the successful launch of Africa's first new energy materials base [14] - EVE Energy has officially opened its solid-state battery production base in Chengdu, with an annual capacity of nearly 500,000 cells, targeting high-end applications [15]