Porsche profits collapses, minus 91 percent in Q2

Porsche's operating profit fell drastically in the second quarter, dropping nearly 91% to €154 million compared to €1.7 billion the previous year. Sales also declined by about 12.9%, totaling just over €8.3 billion. In contrast, Volkswagen's core brand reported an operating profit of €991 million, outpacing Porsche and Audi combined.

Porsche is facing challenges, particularly in China, where sales have significantly decreased. High conversion costs, US import tariffs, and the slow shift to e-mobility are adding pressure. To address these issues, Porsche plans to downsize and eliminate approximately 1,900 jobs by 2029.