上海
by SONG Jianan
Porsche AG reported revenue of €26.86 billion for the first nine months of 2025, down 6% year on year, while operating profit collapsed to €40 million from €4.04 billion a year earlier. The operating margin fell sharply to 0.2% from 14.1%.
At the close of trading on October 24, Porsche's shares stood at €34.81—down nearly 58% from its 2022 listing price of €82.50. The automaker attributed its profit slump to five factors: restructuring costs tied to product strategy changes, challenges in the Chinese luxury-car market, one-off expenses related to battery operations, organizational restructuring, and higher U.S. import tariffs.
The largest hit came from its strategic overhaul, including delays in launching new EVs and the suspension of in-house battery production, which generated about €2.7 billion in additional costs. But performance in China remained a major weak spot. Once Porsche's largest single market, China sales fell 28% in 2024 to 56,900 units and slid another 26% in the first three quarters of 2025 to 32,000.
CEO Oliver Blume, who is in the process of stepping down after a decade at the helm, acknowledged earlier this year that Porsche failed to keep pace with China's fast-changing consumer preferences and its own slower-than-expected EV transition. The brand's electrification progress lags behind peers—EVs accounted for only 27% of deliveries in 2024, with Taycan sales down 49%.
Meanwhile, homegrown premium EV makers such as Li Auto, Aito, and Xiaomi have eroded Porsche's share with more affordable, tech-rich models. Porsche board member Lutz Meschke said the company's latest results reflected the impact of its strategic realignment and a conscious choice to prioritize long-term resilience over short-term returns.
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