By Rachel More
BERLIN (Reuters) -Porsche swung to a wider-than-expected operating loss in the third quarter, it said on Friday, plunging the German sports car maker deeper into crisis as it changes course on electric vehicles and battles to stem sinking sales in top market China.
The group’s operating loss stood at 967 million euros ($1.1 billion) in the third quarter, down from a 974 million euro profit in the same period last year, burdened by expenses to cover a major rollback on its EV expansion announced last month.
Analysts polled by Visible Alpha had expected an operating loss of 611 million euros in the July-to-September period.
HITTING ‘TROUGH’ IN 2025, HOPEFUL FOR 2026
“We expect 2025 to be the trough that precedes a noticeable improvement for Porsche from 2026 onwards,” Porsche CFO Jochen Breckner said, warning that “large-scale solutions” were needed in current restructuring talks with labour representatives.
Porsche CEO Oliver Blume, who is also CEO at parent Volkswagen, will hand off the top Porsche job to ex-McLaren boss Michael Leiters at the start of 2026, the group said last week, following long-standing investor criticism over the dual role.
Leiters is set to inherit one of the biggest crisis cases in Europe’s beleaguered auto sector, hit by falling demand in China and pressure on margins from U.S. tariffs.
($1 = 0.8575 euros)
(Reporting by Rachel More; Editing by Christoph Steitz and Joe Bavier)
Comments