Overview

• Porsche AG warned of significantly lower earnings for 2025 as it adds €1.8 billion in additional special charges from strategic replanning.
• Volkswagen said it expects €5.1 billion in related costs, including roughly €3 billion in goodwill impairment on Porsche and €2.1 billion for an adjusted vehicle project.
• Porsche will keep combustion-engine models in its lineup longer, and a new large SUV planned above the Cayenne will launch initially as a combustion and plug-in hybrid rather than fully electric.
• Shares fell sharply in early trading, with Porsche SE, Porsche AG, and Volkswagen preferred stock down around 6–7% as broader European auto stocks also declined.
• Porsche AG’s recent removal from the DAX added selling pressure, and analysts now see its 2025 operating margin near 0–2% with a likely lower dividend, citing weak EV demand, China softness, and higher U.S. tariffs.