Overview

• A new SUV positioned above the Cayenne will launch initially only with combustion and plug‑in hybrid drivetrains instead of as a battery‑electric model.
• Porsche is postponing its planned electric‑vehicle platform and will now co‑develop it with Volkswagen to increase flexibility.
• The reorientation triggers heavy costs: Porsche flags up to €1.8 billion in immediate charges, guides around €3.1 billion for 2025, and Volkswagen will take a €3 billion write‑down on its Porsche stake, lifting the combined burden to just over €5 billion.
• Profit targets are cut, with Volkswagen now expecting a 2%–3% operating margin in 2025, while Porsche lowers its mid‑term margin ambition to as much as 15% and sees this year’s margin only slightly positive up to 2%.
• Porsche will keep models such as Panamera and Cayenne available with combustion engines and plug‑in hybrids well into the 2030s, with management saying the joint platform approach strengthens resilience in a highly volatile environment.