Porsche AG Q3 Update Summary Company Overview - **Company**: Porsche AG - **Event**: Pre-close call for Q3 delivery figures - **Date**: October 10, 2025 Key Industry Insights - **Global Deliveries**: Porsche delivered 212,500 vehicles globally from January to September, showing resilience in a challenging environment [5][6] - **Electrified Models**: Electrified models accounted for 35% of total deliveries, a 13% increase year-over-year, with 23% being fully electric and 12% plug-in hybrids [6] - **Regional Performance**: North America was the largest market with 64,000 units delivered, a 5% increase year-over-year. Deliveries in China totaled 32,000, reflecting a decline of 26% [6] Core Financial Highlights - **Market Share**: Porsche increased its market share in five out of six model segments despite intensifying competition [7] - **Production Capacity**: Production in Q3 is expected to reflect current demand, with a disciplined approach to inventory management in the US and China [9][11] - **Cash Flow**: The automotive net cash flow is expected to reflect a reduction in elevated inventories and production closures during summer [15][45] Strategic Developments - **Product Strategy Realignment**: Porsche is undergoing a strategic realignment, expecting incremental expenses of up to €1.8 billion in fiscal year 2025 due to product portfolio decisions [14][18] - **Inflationary Pressures**: The company anticipates continued inflationary pressures, particularly in material costs and compensation to BEV suppliers [15] - **Tariff Impact**: The forecast includes a 15% US import duty effective August 1, with mitigation measures being implemented [17][18] Upcoming Product Launches - **New Models**: The all-electric Cayenne will be unveiled at the upcoming Agnes of Porsche event in Dubai, with positive initial reactions [8] - **911 Turbo S**: Strong demand for the 911 Turbo S is noted, with expectations for significant contributions to unit sales in 2026 [40][42] Customer Demand and Individualization - **Order Book**: Customer demand remains robust, with a high level of individualization in orders, particularly for the 911 Turbo S [12][30] - **Pricing Adjustments**: Prices in the US have been increased by 2.4% to 3.6% per model, reflecting the impact of tariffs [39] Conclusion and Future Outlook - **Financial Guidance**: The group return on sales guidance for fiscal year 2025 includes extraordinary expenses related to strategic realignment and tariffs, with expectations for a slightly positive return on sales [19][22] - **Long-term Strategy**: Porsche is focusing on enhancing brand identity and product flexibility to ensure sustainable long-term success [21][22] Additional Notes - **Hedging Policy**: Porsche has a conservative hedging policy in place to mitigate currency fluctuations, which is expected to support financial stability [50][52] - **Investor Relations**: The third quarter results will be published on October 24, with an invitation to the upcoming Agnes of Porsche event in Dubai [22][23]

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]

Core Viewpoint - Porsche is making significant adjustments to its product strategy in response to long-term sales decline and increasing profitability pressures, shifting focus back to internal combustion engine models, including hybrids, while pausing the launch of upcoming electric vehicle models [2][3]. Group 1: Product Strategy Adjustments - Porsche has finalized steps to adjust its product strategy, aiming to meet customer demands with excellent products and deliver solid financial performance [3]. - The company plans to introduce new fuel models, including a new SUV series originally intended to be fully electric, which will now offer only fuel and hybrid versions at launch [3]. - The lifecycle of existing models like Panamera and Cayenne will be extended, with internal combustion and hybrid versions available until the mid-2030s [3]. - Due to a slowdown in electric vehicle adoption, the launch of some pure electric models will be delayed, and a new electric vehicle platform planned for the 2030s will be rescheduled [3]. Group 2: Financial Performance and Challenges - 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 the year, net profit dropped to €718 million, a 66.6% decrease, with a sales return rate plummeting to 5.5% from 15.7% year-on-year [6]. - The high costs of electric vehicles and lower profit margins compared to fuel vehicles, along with U.S. tariffs, have led Porsche to lower its financial forecasts multiple times [6]. Group 3: Strategic Repercussions and Market Trends - The restructuring is expected to result in an €1.8 billion loss in operating profit for 2025, prompting a further reduction in profit expectations [7]. - The anticipated special expenses related to the strategic adjustments are around €3.1 billion, including costs for battery business investments and organizational changes [7]. - The parent company, Volkswagen Group, expects a €5.1 billion loss in operating profit due to Porsche's reforms, leading to a downward revision of its profit expectations as well [7].

Core Insights - Porsche has made a significant strategic shift by deciding to launch a new crossover vehicle with fuel and plug-in hybrid systems instead of the previously planned all-electric version, indicating a response to changing market conditions [2][3][4] Market Environment - The decision to pivot is attributed to "changes in the market environment," as Porsche reassesses its electric vehicle strategy amid declining sales of its electric model, Taycan, and a slowdown in demand in the electric vehicle market [3][5][6] - Porsche's previous goal was to have over 80% of new vehicles be all-electric by 2030, but the company is now facing challenges in achieving this target [5][6] Product Strategy - Porsche plans to continue offering fuel and hybrid versions of its popular models, including the Cayenne and Panamera, while also adjusting the development of its new electric vehicle platform in collaboration with other brands under the Volkswagen Group [3][4][6] - The company aims to enhance its product lineup to meet diverse consumer needs, balancing fuel, hybrid, and electric options [4][6][7] Consumer Preferences - Market research indicates that 70% of high-end customers prefer fuel or hybrid options when purchasing vehicles, highlighting the ongoing demand for traditional powertrains in the luxury car market [7][8] - The customization project, Porsche Sonderwunsch, will be expanded to cater to the strong demand for personalized vehicles, particularly in fuel models [6][7] Financial Implications - The strategic shift may lead to significant short-term financial impacts, including an estimated $6 billion loss for the Volkswagen Group due to Porsche's deep product strategy adjustments [4][6] - The company is expected to face additional depreciation and reserves as it navigates this transition [4][6] Industry Insights - The automotive industry's shift towards electrification requires substantial investment and poses various challenges, including high R&D costs and supply chain restructuring [8][9] - Porsche's strategic adjustment reflects a broader industry trend where companies must balance technological advancements with consumer demands and market realities [10]

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]

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 ...