Tooney
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FRANKFURT, Oct 25 (Reuters) - Porsche will pare back its dealership network in China, reflecting persisting weak demand in the world's biggest auto market that has severely hit European carmakers and forced them to cut costs to soften the blow to profit margins.
Porsche is seeking billions of euros in cost cuts by 2030, Chief Financial Officer Lutz Meschke told journalists after presenting a 41% drop in third-quarter operating profit.
"China is an incredible challenge, not just for Porsche," Meschke said. "In the future, we can no longer assume that China will return to where it was for European players."
Meschke said Porsche's cost structure will be adjusted to reflect global annual vehicle sales of around 250,000, down from the more than 300,000 it sold in recent years.
Porsche, majority-owned by Volkswagen , said weaker demand in China and a slower-than-anticipated shift to electric vehicles forced it to review its product lineup, budgets and costs.
https://www.reuters.com/business/au...ess-slowing-ev-shift-hits-profits-2024-10-25/
Porsche AG press release: Porsche remains on course and confirms forecast for full year 2024
Porsche is seeking billions of euros in cost cuts by 2030, Chief Financial Officer Lutz Meschke told journalists after presenting a 41% drop in third-quarter operating profit.
"China is an incredible challenge, not just for Porsche," Meschke said. "In the future, we can no longer assume that China will return to where it was for European players."
Meschke said Porsche's cost structure will be adjusted to reflect global annual vehicle sales of around 250,000, down from the more than 300,000 it sold in recent years.
Porsche, majority-owned by Volkswagen , said weaker demand in China and a slower-than-anticipated shift to electric vehicles forced it to review its product lineup, budgets and costs.
https://www.reuters.com/business/au...ess-slowing-ev-shift-hits-profits-2024-10-25/
Porsche AG press release: Porsche remains on course and confirms forecast for full year 2024
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