作者 / 张诗婕 编辑 / 黄大路 设计 / 张 萌 全球汽车十条 | 30秒速读 保时捷继续将电动化视为未来核心动力，但受中国和美国市场电动化进程放缓及政策变化影响，公司正对电池业务进行战略调整。旗下Cellforce Group 将专注于电池单元与系统的研发，不再扩建高性能电池生产线。 保时捷在欧洲的电动化率已达到约57%，高于首次公开募股时设定的目标。公司仍坚持混动、燃油和纯电三种动力并行的策略，并计划继续推出 Taycan、Macan、Cayenne及718全电动车型。 自2022年在Kirchentellinsfurt建设工厂以来，保时捷Cellforce Group已完成高性能电池研发及试点生产，但因全球市场规模不足，量产成本难以优化。未 来，Cellforce将作为独立研发单位，为保时捷及集团内部高性能电池项目提供技术支持。 保时捷负责研发的执行董事会成员迈克尔・施泰纳（Michael Steiner）指出："我们将继续投资全电动车型，高性能电池研发的经验将继续为集团服务， 同时推动创新应用于未来产品。" 保时捷在全球电动化进程中始终保持灵活应对，集中资源发挥技术优势。专注电池单元与系统研发，旨 ...

但官方目前已搁置该计划，Cellforce将缩减运营，并将研发成果用于支持大众集团及保时捷收购的V4Smart。 受此影响， Cellforce可能会裁员约200人（目前总员工数量约为300名），剩余人员或转至大众集团电池子公司 PowerCo，相关研发设施也将交由PowerCo使用。 关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤锂电 资讯~ 本文来源：NEXT科技情报站 车企想要自研电池，不被"卡脖子"很常见，然而研发制造电池并不是件轻松的活儿，不少跃跃欲试的主机厂尝试后均 放弃了，主要原因就是太烧钱了。 海外媒体报道， 保时捷已搁置自研高性能电动车电池计划，称该模式"无经济可行性" 。 保时捷宣布，因电动车市场增长低于预期及中美市场环境变化，将取消自建高性能电池生产计划。 首席执行官奥利弗·布鲁默指出， 缺乏规模经济及产量限制，而电池制造需要巨额投入与高度规模化，对于当前阶段 的保时捷来说难以实现 。 报道还指出，保时捷电池部门Cellforce已完成部分电芯开发并启动试生产，原计划在德国南部工厂实现每年1吉瓦时 产能，足以供应1万辆 Taycan，后续还拟建第二工厂。 ...

Group 1 - The State Administration for Market Regulation announced a recall plan involving 8 automotive manufacturers, totaling 7,300 vehicles to be recalled by July 2025 [1] - Porsche (China) is recalling 1,248 vehicles from the Panamera and Taycan series due to a manufacturing issue where the front shock absorber strut clamp may not be fully engaged, potentially leading to air leakage in the air suspension, affecting vehicle handling and increasing collision risk [1] - Ford Motor (China) is recalling 2,264 Lincoln Navigator vehicles because the right front brake line may interfere with the air filter outlet pipe, causing brake fluid leakage, which could reduce braking efficiency and increase collision risk [1]

Core Viewpoint - Porsche's recent struggles in the Chinese market highlight the challenges faced by traditional automakers during the transition to electric vehicles, despite their aggressive investment and innovative technologies [6][21][22]. Group 1: Sales Performance and Market Dynamics - In 2021, Porsche achieved a peak sales figure of 95,000 units in China, contributing to one-third of its total sales [6][11]. - However, by 2024, overall sales are projected to decline to 56,000 units, marking a significant downturn [7][21]. - The brand's sales in China have dropped by 28% year-on-year, leading to a loss of its status as the largest single market [21][22]. Group 2: Electric Vehicle Strategy - Porsche has been proactive in its electric vehicle (EV) strategy, launching the Taycan, which received 30,000 pre-orders and became the best-selling model in 2021, surpassing the iconic 911 [32]. - The company aims for electric and plug-in hybrid vehicles to account for 50% of total sales by 2025 and over 80% by 2030 [32]. - Significant investments have been made in battery technology and partnerships, including the establishment of a joint venture for battery production [31]. Group 3: Challenges in Transition - Porsche's transition to electric vehicles has been hampered by reliance on Volkswagen's software and electronic architecture, which has faced delays and difficulties [35][40]. - The development of the E3 electronic architecture has been problematic, causing delays in the launch of new models like the Macan EV [40]. - The competitive landscape has shifted, with electric vehicles becoming more affordable and offering superior configurations, challenging Porsche's traditional pricing strategy [43][44]. Group 4: Brand Positioning and Market Perception - Porsche occupies a unique position between luxury and premium segments, which complicates its pricing strategy amid increasing competition from electric vehicle manufacturers [47][50]. - The average sales price of Porsche vehicles in China has decreased from 1.06 million to 930,000 RMB, reflecting the pressures of the evolving market [51]. - The brand's identity as a luxury automaker is at risk as it navigates the challenges posed by the electric vehicle market and changing consumer preferences [48][52].

Core Viewpoint - The article discusses the challenges faced by Porsche in the Chinese market, highlighting the brand's struggle with sales decline and the impact of electric vehicle (EV) transformation on its traditional business model [6][8][25]. Group 1: Sales Performance and Market Position - In 2021, Porsche achieved a peak sales figure of 95,000 units in China, contributing one-third of its total sales [7][8]. - However, by 2024, overall sales are projected to decline to 56,000 units, marking a significant drop and the loss of its status as the largest single market [8][25]. - The brand's sales in China have seen a 28% year-on-year decline in 2024, with the company now ranking as the fourth largest market for Porsche [25][26]. Group 2: Electric Vehicle Strategy - Porsche has been aggressive in its electric vehicle strategy, launching the Taycan, which received 30,000 pre-orders and became the best-selling model in 2021, surpassing the iconic 911 [38][39]. - The company aims for electric and hybrid models to account for 50% of total sales by 2025 and over 80% by 2030 [38][39]. - Despite its ambitious plans, Porsche faces challenges in the transition to electric vehicles, particularly with the development of its second electric model, the Macan EV, which has been delayed due to issues with its parent company Volkswagen's software development [49][50]. Group 3: Brand Positioning and Market Dynamics - Porsche occupies a unique position in the luxury car market, straddling the line between luxury and premium segments, which exposes it to competitive pressures from both ends [58][63]. - The brand's average selling price in China has decreased from 1.06 million to 930,000 yuan over three years, reflecting the challenges of maintaining its brand value amid rising competition from domestic EV manufacturers [64][65]. - The article emphasizes that Porsche's middle-ground positioning makes it vulnerable to market shifts, as it cannot easily engage in price reductions without risking its brand identity [63][64].

Core Viewpoint - Porsche's sales in China have significantly declined, with a projected drop to 56,000 units in 2024, marking a 28% year-on-year decrease, after previously being the largest single market for the brand [6][17][31]. Group 1: Sales Performance and Market Position - In 2021, Porsche achieved a peak sales figure of 95,000 units in China, contributing one-third of its total sales [6][17]. - The Cayenne and Macan models accounted for approximately 60% of Porsche's sales in China since 2015 [11][14]. - The brand's sales average in China has decreased from 1.06 million to 930,000 yuan over the past three years, indicating a loss of market positioning [37]. Group 2: Electric Vehicle Strategy - Porsche has been aggressive in its electric vehicle (EV) transition, with plans for electric and hybrid models to make up 50% of total sales by 2025 and over 80% by 2030 [24][22]. - The Taycan, Porsche's first all-electric model, surpassed 40,000 units in global sales in 2021, becoming the best-selling model after the SUVs [24][18]. - The company has invested heavily in battery technology and partnerships to support its electric vehicle strategy, including the establishment of a joint venture for battery production [23][22]. Group 3: Challenges in Transition - Porsche faces significant challenges in its transition to electric vehicles, particularly due to reliance on the Volkswagen Group for software and electronic architecture, which has encountered delays [30][27]. - The development of the E3 electronic architecture has faced setbacks, impacting the launch timelines of new models like the Macan EV [30][28]. - The competitive landscape in the electric vehicle market has intensified, with domestic brands capturing over 60% of the market share, further complicating Porsche's position [37][31]. Group 4: Brand Positioning and Market Dynamics - Porsche occupies a unique position between luxury and premium segments, which exposes it to greater competitive pressures, especially in a rapidly evolving market [34][37]. - The brand's pricing strategy has been challenged by the aggressive pricing of electric vehicles, leading to a structural disruption in its pricing model [32][31]. - As competitors lower prices, Porsche's middle-ground positioning risks losing brand value, which could have long-term implications for its market strategy [37][34].

Core Viewpoint - Porsche is facing significant challenges due to declining market demand and rising tariffs in the U.S., prompting the company to implement cost-cutting measures to enhance profitability and adapt to market changes [2][4][10] Sales Performance - Porsche's global sales have decreased by 6% year-on-year in the first half of 2025, with total sales of 146,400 vehicles. North America saw a 10% increase in deliveries to 43,600 units, while sales in Germany dropped by 23% to 16,000 units, and in China, deliveries fell by 28% to 21,300 units [4] Cost-Cutting Measures - The company plans to explore various cost-reduction strategies in the second half of the year, including potential layoffs and negotiations with unions to improve profitability. The target is to increase operating profit margins to 15%-17% from the current 8.6% [4][10] Industry Challenges - The automotive industry is undergoing a significant transformation towards electrification and smart technology, posing structural challenges for traditional brands like Porsche. The competition from electric vehicle manufacturers, including Tesla, is intensifying [6][7] Production and R&D Adjustments - Porsche aims to reduce production costs in Germany by restructuring labor and automating processes. The company is also increasing R&D investments in China to focus on localized needs and enhance competitiveness in smart technology [8][9] Strategic Shift in Electrification - Porsche has adjusted its electrification strategy, moving away from an aggressive target of 80% electric vehicles by 2030 to a hybrid approach. This includes the introduction of a new hybrid model that combines internal combustion and electric power [9] Future Outlook - The company's ability to navigate these challenges and implement effective cost-cutting measures will be crucial for maintaining its position in the luxury car market. The leadership under Oliver Blume will be pivotal in achieving these goals [10]

Investment Rating - The report maintains a "Positive" investment rating for the automotive industry [12]. Core Insights - The ultra-luxury market is expected to expand, with a projected space of approximately 500,000 vehicles in 2024, where BBA (Benz, BMW, Audi) and Porsche dominate 70% of the market, indicating a strong foreign brand presence [3][10]. - Huawei's ADS 4.0 upgrade and its technology, IP, brand, and channel empowerment are anticipated to redefine luxury in the automotive sector, potentially reshaping the competitive landscape for ultra-luxury vehicles in China [3][10]. - Domestic brands are expected to benefit from the rise of ultra-luxury vehicles, with a focus on companies like Seres, JAC Motors, BAIC Blue Valley, and BYD [3][10]. Summary by Sections Ultra-Luxury Market Expansion - The ultra-luxury market continues to grow, with significant potential for domestic brand replacement. In 2024, high-end, luxury, and ultra-luxury vehicle sales are projected to reach 4.164 million, 1.26 million, and 464,000 units respectively [7][21]. - The market is primarily driven by SUVs, which are expected to account for 69.9% of ultra-luxury vehicle sales in 2024, with brands like BMW, Porsche, Land Rover, and Mercedes-Benz leading the segment [7][30]. Electric and Intelligent Transformation - The penetration of electric vehicles is increasing, with the share of new energy vehicles in cars priced over 400,000 yuan rising from 3.21% in 2020 to 30.81% in 2024. Plug-in hybrids are the main driver of this growth [8][53]. - Domestic brands are leveraging their innovation capabilities in the intelligent sector, with a significant increase in market share for luxury SUVs from 2.5% in 2020 to 42.4% in 2024 [8][71]. Huawei's Role in the Market - Huawei's brand and technological capabilities are positioned to disrupt the ultra-luxury market, with the launch of the AITO M9 SUV leading the charge in the 400,000-600,000 yuan price range, achieving over 200,000 pre-orders within a year [9][74]. - The ultra-luxury sedan market remains largely unoccupied by domestic brands, presenting a significant opportunity for future growth [9][74]. Investment Recommendations - The report suggests focusing on companies like Seres, JAC Motors, BAIC Blue Valley, and BYD as they are well-positioned to capitalize on the emerging trends in the ultra-luxury vehicle market [10].

Core Viewpoint - Porsche's global deliveries in the first half of 2025 decreased by 6% year-on-year, primarily driven by a significant slowdown in the Chinese market, where sales fell by 28% [1][2]. Group 1: Sales Performance - Porsche's global delivery volume reached 146,391 units in the first half of 2025, marking a 6% decline compared to the previous year [1]. - The Chinese market, which had previously supported Porsche's growth, saw a dramatic 28% drop in sales, significantly impacting overall performance [2]. - In contrast, North America experienced a 10% increase in sales, becoming a key growth area for the company [3]. Group 2: Market Dynamics - The Chinese market is undergoing a transformation from high-end consumption to a reassessment of product value, leading to increased competition from local electric vehicle brands [2]. - Economic uncertainties have caused some loyal Porsche customers to delay purchasing decisions or shift towards more feature-rich domestic brands within the same budget [2]. Group 3: Product Strategy - Porsche's electric vehicle, the Taycan, has not met sales expectations in China, prompting significant price reductions of nearly 20% for some versions to stimulate demand [3]. - Despite challenges, Porsche's management remains optimistic about the Taycan, emphasizing its technological capabilities and driving performance [3]. - The company is accelerating its electrification strategy, with electric and plug-in hybrid models accounting for 36% of global deliveries in the first half of 2025, a 14.5% increase year-on-year [4]. Group 4: Competitive Landscape - Porsche faces significant competition in the Chinese market from leading electric vehicle manufacturers like BYD, Geely, and others, particularly in terms of smart features and user engagement [4]. - The traditional brand's high-end status is no longer a decisive factor in sales, as the market increasingly values technological capabilities and overall system performance [4].

Core Viewpoint - The article discusses the increasing scrutiny and criticism surrounding Oliver Blume's dual role as CEO of both Volkswagen Group and Porsche, highlighting concerns over potential conflicts of interest and governance issues [3][5][31]. Group 1: Background and Context - Oliver Blume is the first CEO in Volkswagen Group's history to hold dual positions as CEO of both Volkswagen and Porsche [10]. - The controversy over Blume's dual role began when he took over as CEO of Volkswagen Group, with initial concerns raised by a minority of investors [14][18]. - Following Porsche's IPO in September 2022, Blume's leadership has come under greater scrutiny as both companies face declining performance [18][30]. Group 2: Financial Performance and Market Response - Porsche's performance has been declining, with a 3% drop in global deliveries in 2024 and a significant 28% decline in the Chinese market [27][28]. - As of early 2025, Porsche's stock price has fallen to €43.46, nearly halving from its IPO price of €82.5 [30]. - Financial forecasts for Porsche indicate a projected revenue of €37-38 billion for 2025, down from €40 billion the previous year [66]. Group 3: Governance and Shareholder Concerns - Shareholders have increasingly called for Blume to choose one CEO position, citing governance structures that are unprecedented in both Volkswagen and the broader German corporate landscape [9][32]. - Concerns have been raised about the potential for conflicts of interest and weakened accountability due to Blume's dual role [48][49]. - Some family members of the Porsche-Piëch family, who control a significant voting stake in Volkswagen, have expressed differing views on Blume's dual role, with some advocating for a clearer separation of responsibilities [40][54]. Group 4: Blume's Justification and Strategic Vision - Blume defends his dual role as a strategic advantage, allowing for resource integration and unified decision-making across both companies [56][57]. - He emphasizes the importance of scale in negotiations and the ability to implement necessary reforms across both brands [60][61]. - Blume believes that his leadership can help navigate the complexities of the automotive industry's transition to electric vehicles [59][63]. Group 5: Future Outlook and Strategic Adjustments - Volkswagen plans to launch 30 new models in China over the next two years, with a focus on localizing research and development [63][64]. - The company is also restructuring its dealer network in China, aiming to reduce the number of dealerships by one-third by 2027 [69].