Porsche Posts €967M Loss, Plans Restructuring, Job Cuts

Porsche reported a €967 million operating loss in Q3 — its first quarterly loss as a listed company — and said it now faces roughly a €3.1 billion hit for the year after scaling back electric-vehicle plans. Operating profit for the first nine months plunged about 99% to €40 million and profit after tax fell to roughly €114 million as deliveries dropped about 6% year‑on‑year, revenue declined and return on sales collapsed to around 0.2%. Management blamed a delayed EV rollout, cancellation of in‑house battery plans, weak demand in China and U.S. import tariffs — prompting consideration of U.S. assembly — for much of the shortfall. Porsche is realigning its lineup by delaying some all‑electric launches, adding more hybrids and combustion models (including postponing an all‑electric 718 and offering the K1 as ICE/hybrid) and absorbing extraordinary realignment costs of roughly €2.7–3.1 billion. The company plans up to 1,900 job cuts by 2029 and will replace CEO Oliver Blume with Michael Leiters in January 2026 as leadership seeks to restore profitability, with management hoping for improvement from 2026 onward.