Porsche's Financial Loss
German sports car maker Porsche reported a third-quarter loss of almost €1 billion ($1.16 billion) due to the costs of returning to petrol and delaying its electric vehicle (EV) rollout.
Operating profit, which excludes certain costs such as tax, fell to €40 million for the first nine months of the year. This represents a significant decline from the €1.0 billion operating profit reported in July, resulting in a loss of approximately €960 million in the subsequent months.
According to Finance chief Jochen Breckner, the results reflect the cost of Porsche reworking its product portfolio to shift back to petrol vehicles in the face of tepid EV demand.
- Third-quarter loss: almost €1 billion ($1.16 billion)
- Operating profit for the first nine months: €40 million
- Loss after July: approximately €960 million
Author's summary: Porsche loses nearly €1 billion.
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