According to the central view of finance, local time on the 24th, the latest data released by the German Volkswagen Group's owned Porsche Automobile Company shows that the company's third quarter loss amounted to 9.66 billion euros, approximately RMB 8 billion, affected by this, in the first three quarters of this year its sales profit compared significantly decreased by 99%.

According to the data released by Porsche on the 24th, in the first nine months of this year, the company's operating income was about 26.86 billion euros, a year-on-year decrease of 6%; Sales profit was only 40 million euros, down 99% from 4.035 billion euros in the same period last year.

Porsche production workshop

Porsche announced last month that it would postpone some pure electric models, extend the life cycle of several fuel and hybrid models, and end the battery self-production program, with related restructuring measures bringing about 2.7 billion euros, approximately RMB 22,4 billion in additional spending.

Porsche assembly screen

In addition, the US tariff policy has also put pressure on Porsche's performance. In the first nine months of the year, additional costs from the tariffs were € 300 m, the company said. According to Reuters's report, Jochen Breckner, executive director of finance and information technology of Porsche, said that the US tariff policy will bring Porsche a loss of about 700 million euros this year, and the company will raise its price for the US market in the next few months.

Porsche workshop worker working screen

In the face of current operating pressures, Porsche has launched structural optimization, planning to cut 1,900 jobs in the coming years and 2,000 temporary jobs within this year.

In terms of sales, in the first three quarters of this year, Porsche China and European markets saw a comparative decline, among which the largest decline in sales in the Chinese market, a decline of 26% to 32.000 units, German market sales fell by 16% to 2.25,000 units, and the entire European market (excluding Germany) fell by 4% to 50.000 units.

It is worth noting that this is not the first time Porsche has declined in the China market. Since peaking with 95,700 deliveries in 2021, the brand's sales have been declining. In 2022, Porsche's global sales will increase by 3% year-on-year, but sales in the Chinese market will drop by 2.5% year-on-year; in 2023, the decline in Porsche's sales in China will further expand to 15%, making the Chinese market the only decline in Porsche's world. Area; in 2024, Porsche's global sales will drop by 3% year-on-year, while the Chinese market will drop by 28% year-on-year. This year, this downward trend has continued.

Porsche is in trouble with the rising automotive market in China, such as the wave of new energy and intelligent. Data show that the decline in the Chinese market is due to multiple pressures. Porsche is being impacted by the domestic high-end automotive brands in China, the latter taking shares with advanced new energy battery technology and intelligent configuration. Porsche is relatively lagging in the electrification transformation, with its pure electric vehicle Taycan sold 12,641 vehicles in the first three quarters, a decrease of 10%.

Faced with difficulties, Porsche's self-help focus is shifting to localization in China. Porsche recently established a Shanghai R&D center, with a team of 300 people leading the development of exclusive car-machine systems, which will be equipped with all Porsche models in 2026. On September 29, Porsche's new Panamera Timeless Edition started pre-sale. This is the third customized model in China under Porsche's strategy of "In China, for China".

In addition, Porsche is also promoting integration and optimization on the channel side in China, planning to reduce the number of dealers to about 100 in 2026 and increase investment in first-tier cities. Alexander Pollich, president of Porsche China, said that winning back young and digital-conscious China users is "a marathon." 2025 is a "calibration year" and the offensive will resume in 2026.

It is worth mentioning that just a few days before the financial report was announced, Porsche announced a "coaching change."

The current CEO, Oliver Bloom, will resign at the end of the year, and Michael Wright will take over as Porsche CEO, which will take effect from January 1, 2026. Bloom has served as Porsche CEO since October 2015 and replaced Herbert Dis in September 2022 as head of the Volkswagen Group, launching the "shared CEO" model at the same time leading the two giants. During his tenure, he witnessed the breakdown of Porsche's listing, which once became Europe's highest-value automaker.

It is worth noting that since this year, Porsche has lowered its financial forecasts several times and was just removed from the German blue-chip DAX index last monthVolkswagen is also in the process of restructuring and is transforming by cutting capacity and cutting thousands of jobs.

Porsche Stock Price Chart

Extended reading

Many car companies warn: Lack of Chinese-funded chips due to Sino-Dutch dispute may hurt the United States

Chinese-owned semiconductor enterprises in the Netherlands have been "robbed as robbers", from the Dutch "three hundred and two silver here", and to the subsequent exposure of court documents, all point to - the United States has long fooled the Netherlands "down".

However, the so-called ¡°multi-injustice will kill itself,¡± and some Western countries hiding under the colour of robbers, are ¡°moving the stone and knocking their feet.¡±

According to a Reuters report on October 16, local time, several major automaker organizations in Europe and the United States warned that evening that chip supply disruptions caused by the dispute between China and the Netherlands may quickly affect U.S. automobile production. The report emphasizes that chips produced by Nexperia Semiconductor Holdings Co., Ltd., a subsidiary of China's leading semiconductor company Wingtech Technology, are crucial to parts and automobile production in the United States.

The European Association of Automobile Manufacturers (ACEA) said several automakers and their suppliers received notifications from chip maker Anselm Semiconductor last week, saying it could no longer guarantee the delivery of the chips.

In the United States, the American Alliance for Automotive Innovation (AAI), which represents almost every other major automaker such as General Motors, Toyota, Ford, Volkswagen and Hyundai, has also urged the issue to be resolved as soon as possible.

"If shipments of automotive chips do not resume quickly, it will disrupt automotive production in the U.S. and many other countries and have very serious spillover effects on other industries," said John Bozzella, CEO of AAI. Other carmakers told Reuters that U.S. car factories could be affected as early as next month.

The chips manufactured by Anselm Semiconductor arely critical to U.S. parts and automotive production (data chart)

Recently, China's leading semiconductor company Wingtech Technology has encountered major cross-border regulatory challenges. Its core asset Nexperia, headquartered in the Netherlands, has been frozen for one year since September 30 due to the directive of the Dutch government.

At the same time, some foreign executives of Nexperia even requested the court to initiate a company investigation and suspend the CEO appointed by the parent company Wingtech Technology from performing his duties. The Dutch side also requested the appointment of a foreign director with decisive voting rights and the entrustment of all shares in Nexperia (minus one share) to a person to be appointed and announced later.

The British "Financial Times" bluntly stated that the Dutch government's move will intensify friction between Western countries and China in the field of high-end technology. Bloomberg and other media also warned that this extraordinary move would further aggravate tensions between China and Europe.

Wentai Technology issued a statement on the evening of October 12 local time solemnly pointing out that the Dutch government's global operation freeze on Anshi Semiconductor on the grounds of false "national security" is an excessive intervention based on geopolitical bias. Wentai Technology expressed strong protest against this discriminatory treatment against Chinese-funded companies.

According to public information, Anshi Semiconductor is headquartered in Nijmegen, the Netherlands. It is the foundation of Wentai Technology's core semiconductor business, focusing on discrete devices and logic devices. Its predecessor was a division of NXP Semiconductors. It was operated independently in 2017 and was wholly acquired by Wentai Technology in 2019. It is now a wholly owned subsidiary of Wentai Technology. In 2024, Anshi Semiconductor's revenue will be approximately 14.7 billion yuan, accounting for approximately one-sixth of Wentai Technology's total revenue that year.

From the point of view of time, this recent series of operations is difficult not to suspect is a carefully planned ¡°plundering¡±: the United States and the Netherlands have worked closely in the field of export control of the chip industry. Just before the Dutch government took action, on September 29 local time, the U.S. government just issued the export control penetration rules, adding export controls of the same intensity to the subsidiaries of ZTE Technology listed in the ¡°entity list¡± and holding more than 50%.

The Financial Times also noted that the Dutch government's actions were "closely behind the United States"; Bloomberg further pointed out that the Trump administration had just expanded the scope of sanctions in the Netherlands, a move that highlighted the increasingly stringent censorship faced by Chinese companies in sensitive industries.

However, a spokesman for the Dutch Ministry of Economic Affairs explained that ¡°there is no silver here.¡± The spokesman insisted that the U.S. was not involved in the Dutch decision to target the Anchor Semiconductor. Reuters said the spokesman also claimed that the timing of the operation was ¡°purely coincidental.¡±

An employee of Anshi Semiconductor walks through the company's clean room (data photo)

On October 14, local time, Hong Kong¡¯s South China Morning News that court documents released by the Amsterdam Court of Appeal on the same day showed that the U.S. notified Dutch officials in June this year that they would expand the scope of the ¡°entity list¡± and extend the sanctions to subsidiaries with more than 50% of the listed entity shares.The company was fully controlled by Anselm Semiconductor after a series of capital operations between 2018 and 2020, and was included in the U.S. ¡°entity list¡± in December last year.

On June 5, the Dutch side, after talks with the U.S., handed over to Anselm Semiconductor, saying that if the company applied for an exemption, the U.S. would "especially consider mitigation measures."

In further consultations on June 12th, the US side added, "It is understandable that it will take time to divest the equity... but the CEO of the company is still a Chinese national, which is a problem. It is almost certain that the CEO must be replaced to be exempted".

Alexandre Ferreira Gomes, a researcher at the Dutch Clingendael Institute, warned Bloomberg that China is likely to take countermeasures.

"It is reasonable to expect that China's countermeasures will target the broader European semiconductor industry, rather than just Dutch companies operating in China," he said.

After the incident was revealed, China strongly condemned the Dutch behavior.The Chinese Semiconductor Industry Association issued a statement on October 14 saying that it "solidly supports" Zhou Tai Technology's defense of rights in accordance with the law, and opposes the abuse of the "national security" concept to impose selective discrimination on Chinese enterprises' overseas branches.

The European Chamber of Commerce in China also condemned the Dutch government's actions as "modern economic robbery driven by geopolitical calculations" and urged the Dutch side to "immediately revoke the wrong decision and restore an environment of rationality, cooperation and engagement."

Foreign Ministry website news, October 15, Foreign Ministry spokesman Lin Sword presided over the routine press conference.French news agency reporter asked that after the Dutch government took over chip manufacturer Anselm Semiconductor by national security, the company issued a statement on October 14, saying that China has banned the company from exporting products from China.

Foreign Ministry spokesman Lin Sword presided over routine press conference (data map)

I would like to reiterate once again that China has consistently opposed the generalization of national security concepts and discriminatory practices against particular country enterprises.The relevant countries should earnestly observe market principles and not politicize economic and trade issues.

According to the official microblog of the Ministry of Commerce International News Agency on October 16, at the routine conference of the Ministry of Commerce on the same day, the Ministry of Commerce press spokesman Ho Chi Minh said that China is concerned about the relevant situation, China is resolutely opposed to the Netherlands' generalization of the national security concept, by administrative means directly interfere in the internal affairs of enterprises.

He Yongqian further stated that the penetration rules of the United States are the initiator of harming Chinese companies. It is hoped that the Netherlands will adhere to independence, proceed from maintaining Sino-Dutch economic and trade relations and maintaining the stability of the global semiconductor supply chain, respect objective facts, adhere to the spirit of contract and market principles, correct wrong practices, effectively protect the legitimate rights and interests of Chinese investors, and create a fair, transparent and predictable business environment. China will take necessary measures to resolutely safeguard the legitimate rights and interests of Chinese enterprises.