Overview

• Porsche will launch a planned flagship as internal combustion and plug-in hybrid rather than all‑electric at debut, with other battery models pushed to later dates under its continued “double strategy.”
• Panamera and Cayenne will remain available with combustion and plug‑in hybrid powertrains into the 2030s as Porsche reschedules a next‑generation EV platform into the same decade.
• Porsche reduced its medium‑term return‑on‑sales target to 10–15% from 15–17% and scrapped the initial form of a joint vehicle project in favor of greater drivetrain flexibility.
• Volkswagen expects a roughly €5.1bn impact to 2025 operating profit, including an approximately €3bn non‑cash impairment on Porsche goodwill and about €2.1bn of additional one‑off effects next year.
• Porsche anticipates up to €1.8bn in depreciation and provisions weighing on its 2025 operating profit, while Volkswagen now guides to a 2–3% operating return on sales and automotive net cash flow of around €0bn.