Porsche Sold More 911s Than Ever. Its Profit Fell 90%.

In 2025, more Porsche 911s went to customers than ever before – and Porsche's operating profit fell by more than 90%. The quick answer is China and tariffs. But China fell just as hard the year before. So what else happened? Subscribe to Causeplot for the next case:    / @causeplot   Chapters 0:00 A record and a collapse 0:31 The new era 1:17 The bet pays off 2:05 The Taycan slips 3:14 Turning back 4:43 The bill 5:48 Fewer cars, more money 7:07 The plan 8:08 What turned the year The numbers behind the film 911 deliveries 2025: 51,583, a record (Porsche, January 16, 2026). Deliveries are not exactly the same as purchases (fleets, dealer stock). Operating profit 2025: €413 million after €5,637 million in 2024 (−92.7%); profit after tax €310 million after €3,595 million (−91.4%). China revenue (including Hong Kong): €9,547 million (2023) → €6,305 million (2024) → €4,237 million (2025), about −34% and −33%. Operating profit fell about 23% in 2024 and 93% in 2025. The Taycan was unveiled on September 4, 2019, at the same time near Berlin (Neuhardenberg solar farm), at Niagara Falls and on a wind farm on Pingtan Island, China. In 2021 Porsche delivered 41,296 Taycans and 38,464 911s; in 2022 the 911 was ahead again. 2023: Porsche kept 18.0 cents of every euro of revenue as operating profit; Mercedes-Benz Cars 12.6, BMW Automotive 9.8, Volkswagen Group 7.0 (company reports; Mercedes and BMW = car divisions). In March 2022 Porsche set the goal of more than 80% fully electric new cars by 2030. On May 21, 2025, Oliver Blume called it "no longer realistic" given the market (translated from German). On September 19, 2025, at 17:49 CEST, Porsche published its ad hoc announcement on the realignment of its product strategy, naming US import tariffs, weaker demand in China and a slower ramp-up of electric cars. Q3 2025: an operating loss of about €967 million, Porsche's first quarterly loss as a listed company. Extra charges 2025: about €3.9 billion – about €2.4 billion for realigning the product strategy and rescaling the company, about €0.7 billion for battery activities and about €0.7 billion for US tariffs. Much of it is write-downs and provisions, not cash spent that year. The comparison with China (sales down about €2.1 billion) is a comparison of amounts, not a split of blame. Michael Leiters became CEO on January 1, 2026 (appointed October 17, 2025). Capital Markets Day, Weissach, October 7, 2026: break-even below 200,000 cars a year; about a quarter of jobs and four in ten management posts to go in the medium term; medium-term target 10–15% operating margin, "more likely" in the lower bracket. First half of 2026: about 7.8 cents per euro; deliveries −16.5%, China −31.9%. Nine months of 2026: 42,217 911s, +12%. Porsche's financial results for the first nine months of 2026 are due on October 27, 2026, after this video was published; they are not part of it. Sources (selection) Porsche AG: Annual Reports 2023–2025 (incl. notes), quarterly statement Q3 2025, half-year report 2026, ad hoc announcement (September 19, 2025), press releases (September 4, 2019; October 17, 2025; January 16, 2026; March 11, 2026; October 7 and 9, 2026), AGM speeches (May 21, 2025; June 23, 2026) Automobil Produktion (interview with Albrecht Reimold, April 10, 2025); Bloomberg via Fortune and The Globe and Mail (September 4, 2019); Bloomberg (October 24, 2025); ZDFheute (March 11, 2026) How this video is made: original script; narration and illustrations were produced with AI tools; the facts were checked against the sources above. Disclaimer This video is history, journalism and commentary for information and educational purposes only. It is not legal, financial or investment advice, and nothing in it should be relied on as such. It is based on public sources – company reports, court and regulatory records, interviews and reputable press – as available at the time of publication. We check facts carefully, but we cannot guarantee that every detail is complete, accurate or up to date. Events may have moved on since this video was made. Statements about people and companies describe what the sources report. Where sources disagree, we say so. Nothing here is an accusation of wrongdoing against any individual; any scenes, dialogue and figures are illustrative reconstructions, drawn by hand, not real footage or real portraits. This channel is independent and is not affiliated with, sponsored by or endorsed by any company, brand or person mentioned. All names and trademarks belong to their respective owners and are used only to identify the subject of the video. Opinions are those of the author. If you believe something in this video is wrong, please tell us in the comments or by email and we will review and correct it. #Porsche #Porsche911 #BusinessHistory