Porsche Loses $1.1 Billion in Q3 Amid Its EV Delays
Porsche just had quite the setback in Q3.
The automotive powerhouse just suffered its first quarterly loss as a listed company, losing around $1.1 billion (€967 million) in operating costs in the course of three months, adding to a total dent of about $3.6 billion (€3.1 billion) on the year. The massive plunge coincides with the manufacturer pressing the brakes on some of its EV projects, as well as President Donald Trump’s 15 percent tariff on cars from the E.U., Bloomberg reported.
Porsche announced last month that it will continue to make gas-powered Boxsters and Caymans, with its 718 model expected to go all electric in September. That goal has now been postponed—for now, at least—with the car maker continuing to produce internal-combustion-engine iterations, with no official date for an all-electric version on the horizon. (Of course, if you’re looking for an electrified offering from the marque, there’s always the Taycan.)
Porsche Taycan
Porsche
“Due to the delayed ramp-up of electric mobility, the market launch of certain all-electric vehicle models is planned to take place at a later date,” Porsche said in a news release at the time.
The news comes at a time when EV demand is on the decline across the car world. Porsche also ditched its plans to start building its own batteries, according to Bloomberg. And as for that new all-electric SUV (codename K1) that’s poised to be bigger than the Cayenne, that car will now be offered with either an internal combustion engine or a hybrid powertrain.
The German marque’s weak sales in China also affected its Q3 performance, with demand for its cars in the country taking an overall hit as of late. Now, the U.S. has become the top market for the 911 producer—though, thanks to those tariffs, it means there’s a hefty fee to get its cars on American soil. As a result, Porsche is dabbling with the idea of bringing the final assembly of some of its models in the U.S., according to Bloomberg, but nothing has yet been confirmed by the brand. If the company continues to see declines, that may mean we may see more Porsche car assemblages stateside soon enough.
