Agency Report –
Stuttgart – German sportscar manufacturer Porsche said its net profit fell 30.3% year-on-year to €3.6 billion ($3.9 billion) in 2024.
The decline was due to the poor performance of business in China and high costs for refreshing its model lines, the Stuttgart-based company said in its annual results on Wednesday.
The iconic brand announced in February a restructuring of its executive board, leading to the departure of long-time chief financial officer Lutz Meschke and chief sales officer Detlev von Platen.
Porsche, which is part of the Volkswagen Group, also unveiled a strategic shift toward increasing investments in combustion engines and plug-in hybrids. Additionally, it said around 1,900 jobs will be slashed by 2029.
Porsche’s deliveries fell by 3% to around 310,700 vehicles in 2024. In China, the drop was 28%. Revenue fell by 1.1% to just over €40 billion, while operating profit declined by almost 23% to €5.64 billion.
