On the 24th local time, the latest data released by Porsche AG, a subsidiary of the German Volkswagen Group, showed that:The company's losses in the third quarter reached 966 million euros, or about 8 billion yuan. Affected by this, its sales profits in the first three quarters of this year fell sharply by 99% year-on-year.
Data released by Porsche on the 24th showed that in the first nine months of this year, the company's operating income was approximately 26.86 billion euros, a year-on-year decrease of 6%; sales profit was only 40 million euros, a 99% decrease from 4.035 billion euros in the same period last year.
Porsche announced last month that it would postpone the launch of some pure electric models.Extending the market life cycle of multiple fuel and hybrid models and terminating the battery self-production plan, related restructuring measures will bring about additional expenditures of approximately 2.7 billion euros, or approximately 22.4 billion yuan.
In addition, U.S. tariff policies have also put pressure on Porsche's performance. The company said the additional costs from tariffs were 300 million euros in the first nine months of this year. Reuters reported that Jochen Breckner, executive director of finance and information technology at Porsche, said that the U.S. tariff policy will cause Porsche losses of about 700 million euros this year, and the company will increase prices in the next few months for the U.S. market.
Faced with current operating pressure, Porsche has started to optimize its organizational structure and plans to lay off 1,900 employees in the next few years and 2,000 temporary positions within this year. The second round of layoffs is expected to be announced before the end of this year.
In June this year, Porsche's big price cuts aroused widespread heated discussion. News of "buy a Cayenne for more than 700,000 yuan, 65% off", "the price of the Panamera was reduced by more than 300,000 yuan" and "the Cayenne has a limited-time down payment starting from 99,800 yuan" were frequently circulated in the industry.
On June 5, a Porsche dealer in Shanghai confirmed to reporters that Porsche's Cayenne and Panamera were in the process of clearing inventory, and the discounts were very strong. At this year's Shanghai Auto Show, two Porsche Cayenne models (Dream Edition and Jinchi Edition) were announced for sale, and the 2025 Cayenne has begun to clear inventory. Under the loan plan, the discount for the 2025 Cayenne is more than 30%, and the landing price is more than 900,000 yuan; the full-price Cayenne plan has a landing price of just over 1 million.
In addition, the landing price of the 2024 Panamera model is almost 1 million, with a price reduction of about 30%. However, the above-mentioned dealer also told reporters that such discounts are not normal and will end after the inventory is cleared. The inventory of the two models in the store is in single digits respectively.
Porsche's sales decline in the Chinese market is no accident.
Since reaching its peak with 95,700 deliveries in 2021, Porsche sales in China have continued to decline. In 2022, Porsche's global sales increased by 3% year-on-year, but sales in the Chinese market fell by 2.5% year-on-year. In 2023, Porsche's sales in China declined by 15%, making the Chinese market the only area of decline for Porsche in the world. In 2024, Porsche's global market sales fell by 3% year-on-year, while the Chinese market fell by 28% year-on-year.
The "Waterloo" of sales in the Chinese market had a direct impact on Porsche's main financial data that year. Porsche's 2024 financial report shows that the company's revenue was 40.08 billion euros, a year-on-year decrease of about 1%; sales profit was 5.64 billion euros, a year-on-year decrease of about 23%.
As for the reasons for the poor performance of the Chinese market, Porsche CEO Obermo said at the 2024 financial report that this was mainly due to the rapid changes in the Chinese market and Porsche's failure to keep up with changes in consumer demand in time. He said: "The annual demand in the Chinese market has dropped significantly and the situation is grim. China is undergoing structural changes, and our electric vehicle development is slower than expected a few years ago."