A slower-than-expected shift to battery-electric vehicles has prompted Porsche to delay parts of its EV rollout and lean back into combustion and plug-in hybrids, alongside near-term cost hits and a trimmed profit outlook.
Porsche’s board approved a realigned product plan that adds “brand-defining” combustion models and extends current ICE lines well into the 2030s.
A new SUV positioned above the Cayenne, previously conceived as all-electric, will debut as combustion and plug-in hybrid only. Successor generations for key ICE nameplates have been added to the cycle plan.
EV timing is being pushed out in places.
Development of a new electric platform for the 2030s will be rescheduled and technologically redesigned with other Volkswagen Group brands.
Porsche will keep refreshing its current BEV range, citing the Taycan, Macan and Cayenne EVs and a forthcoming two-door sports car in the 718 segment to maintain an attractive electric offer.
Its management said the changes reflected market realities and customer demand, aiming for a more balanced mix across combustion, PHEV and BEV. The approach is intended to support medium to long-term results but would weigh on near-term earnings.
Guidance for 2025 is revised. Sales revenue remains at €37 billion (RM183bil) to €38 billion (RM188bil). The operating return on sales is now guided to slightly positive up to 2 percent from a previous 5 to 7 percent.
The automotive EBITDA margin moves to 10.5 to 12.5 percent from 14.5 to 16.5 percent. The automotive net cash flow margin stays at 3 to 5 percent.
Porsche still targets a BEV share of 20 to 22 percent for the year. Medium term, it is planning for a double-digit operating margin, up to 15 percent, described as the lower end of the prior range.
The rescheduling of the electric platform triggers up to €1.8 billion in depreciation and provisions in 2025. In total, extraordinary expenses of about €3.1 billion are expected for the year, covering the strategy shift, prior product adjustments, battery activities and organisational changes.
Further cash outflows are anticipated in subsequent years.
Porsche cited external pressures including US import tariffs, a softer Chinese luxury market and the slower EV ramp.
Porsche said the reset improves flexibility and reinforces brand identity while it navigates a volatile market.
