"German sports car maker Porsche sunk to a third-quarter loss of almost €1 billion ($1.16 billion), the firm said Friday, as it grappled with the costs returning to petrol and delaying its electric vehicle (EV) rollout. Operating profit -- which strips out some costs such as tax -- fell to €40 million for the first nine months of the year. Porsche said in July it had made an operating profit of €1.0 billion since the start of the year,"
"Finance chief Jochen Breckner said the results reflected the cost of Porsche reworking its product portfolio to shift back to petrol vehicles in the face of tepid EV demand. "This year's results reflect the impact of our strategic realignment," he said. "These measures are essential." Porsche in September said it would delay the introduction of some fully electric cars and extend the life of some combustion engine and hybrid models."
Porsche reported a near-€1 billion third-quarter loss as costs rose from returning focus to petrol vehicles and delaying parts of the electric vehicle rollout. Operating profit fell to €40 million for the first nine months, down from a €1.0 billion operating profit reported in July, implying roughly €960 million in subsequent losses. Management cited the expense of reworking the product portfolio amid weak EV demand. Volkswagen Group took a €5.1 billion profit hit tied to Porsche's product changes and lower targets. Tariff-related costs have exceeded €500 million, and competition in China plus no U.S. manufacturing footprint increase vulnerability.
Read at The Local Germany
Unable to calculate read time
Collection
[
|
...
]