Overview

• Porsche announced additional one‑off costs of about €1.8 billion this year, delayed some fully electric models and extended combustion and plug‑in‑hybrid programs, with the planned large SUV now set to debut as ICE and PHEV.
• Volkswagen put the related burden at €5.1 billion, cut its operating margin target to 2–3%, will exclude the non‑cash Porsche impairment from dividend calculation and now expects no cash flow from its Porsche stake this year.
• Porsche AG shares fell as much as 9.3% with Volkswagen down roughly 7–8%, while Porsche SE also slid and the Stoxx Europe 600 Automobiles & Parts index dropped about 2.4%.
• After weak performance, Porsche AG was removed from the DAX and shifted to the MDAX, intensifying selling pressure from index rebalancing.
• Porsche guided to a full‑year operating margin of up to about 2% versus a prior 5–7% view, and multiple brokerages lowered price targets and recommendations.