近期全球汽車產業出現明顯震盪，日本與歐洲兩大汽車品牌接連釋出重大負面財報，使市場對傳統車廠的轉型能力產生高度關注。無論是日本的Honda，還是德國豪華車代表Porsche，都在電動化轉型與中國市場競爭的雙重壓力下遭遇嚴峻挑戰。

日本車廠Honda於2026年3月12日公布最新業績預告，指出2025財年（2025年4月至2026年3月）可能出現自1977年開始公布合併財報以來的首次年度淨虧損。公司預計歸屬母公司的淨虧損規模將落在4,200億至6,900億日圓之間，約合27億至43億美元，而在此前的市場預期中，本田原本仍被認為可以實現約5,500億日圓的盈利。這一劇烈反轉顯示出公司在全球汽車產業轉型中的巨大壓力。

造成虧損的核心因素之一是電動化戰略的重大調整。由於北美電動車市場需求明顯降溫，加上部分補貼政策取消，本田決定中止三款原本計畫在北美生產的電動車開發計畫。這一決策雖被視為戰略修正，但也導致大量資產減值與重組費用，總金額高達約2.5兆日圓，對財報造成巨大衝擊。另一方面，本田在中國市場的表現也持續惡化。面對BYD、Geely等中國本土品牌迅速崛起的競爭壓力，本田在中國的銷量已連續五年下降。到2025年，其在華銷量僅約64.7萬輛，較前一年大幅下滑24.2%。為對業績負責，公司管理層也宣布減薪措施，執行長三部敏宏與副總裁貝原典將自願減薪30%，為期三個月。

與此同時，歐洲豪華車品牌Porsche的業績同樣遭遇重大挫折。2025年全年財報顯示，公司銷售利潤從2024年的56.4億歐元急劇下滑至僅4.13億歐元，年減幅高達92.7%，被市場形容為「斷崖式」下跌。長期維持在約15%的銷售回報率也跌至1.1%，部分資料甚至顯示其汽車業務營運利潤率一度僅剩0.3%，幾乎逼近盈虧平衡線。

保時捷業績重挫的原因同樣集中在中國市場與電動化戰略兩大層面。在中國這個全球最大汽車市場中，保時捷的銷量已連續四年下滑。2025年在華銷量僅約4.2 萬輛，同比減少26%。此外，公司還承擔了高額的戰略性支出，總額約39億歐元，其中包括24億歐元的產品策略調整成本、約7億歐元的美國關稅相關影響，以及約7億歐元投入電池業務的費用。另一方面，電動車市場的需求波動也衝擊了保時捷的旗艦電動跑車Porsche Taycan，該車型在2025年的交付量下滑約22%。在市場壓力下，保時捷不得不放慢全面電動化的步伐，同時重新加強內燃機技術的研發。

展望未來，兩家車企都正面臨汽車產業轉型期的陣痛。一方面，全球電動車市場的成長速度開始出現分化；另一方面，中國本土品牌在電動化與價格競爭上的優勢正持續擴大。對保時捷而言，市場甚至預測其2026年在中國的銷量可能進一步下降至約3萬輛。這些變化顯示，傳統汽車巨頭在新能源時代的競爭環境已經徹底改變，未來幾年的戰略調整將決定它們能否重新恢復成長動能。

Recent turbulence in the global automotive industry has drawn significant market attention, as two major carmakers from Japan and Europe have released severely negative financial outlooks. Both Honda and Porsche are facing mounting pressure from the challenges of electrification and intensifying competition in the Chinese market.

Honda announced a profit warning on March 12, 2026, stating that it expects to record its first annual net loss since it began publishing consolidated financial statements in 1977. For the fiscal year 2025 (April 2025 to March 2026), the company projects a net loss attributable to shareholders of between 420 billion and 690 billion yen (approximately $2.7–4.3 billion). This represents a dramatic reversal from its earlier forecast, which had expected a profit of about 550 billion yen. The shift highlights the significant strain Honda is experiencing during the global automotive industry’s transition period.

One of the primary causes of the loss is a major adjustment to Honda’s electrification strategy. Due to weakening demand in the North American electric vehicle market and the reduction of certain subsidies, Honda decided to halt the development of three electric vehicle models that were originally planned for production in North America. While this move is seen as a strategic correction, it also resulted in massive asset impairments and restructuring costs totaling roughly 2.5 trillion yen, severely impacting the company’s financial results.

At the same time, Honda’s performance in China has continued to deteriorate. Facing increasingly intense competition from domestic Chinese brands such as BYD and Geely, Honda’s vehicle sales in China have declined for five consecutive years. In 2025, its sales in the country fell to approximately 647,000 units, representing a year-on-year drop of 24.2%. In response to the disappointing results, the company’s leadership has taken responsibility measures. CEO Toshihiro Mibe and Executive Vice President Noriya Kaihara announced that they will voluntarily take a 30% pay cut for three months.

Meanwhile, the European luxury car manufacturer Porsche has also suffered a severe financial setback. Its 2025 annual results show that sales profit plunged from €5.64 billion in 2024 to just €413 million, representing a dramatic 92.7% year-on-year decline. The company’s return on sales, which had long been maintained at around 15%, dropped sharply to 1.1%, with some figures suggesting that the operating margin of its core automotive business briefly fell to as low as 0.3%, approaching break-even levels.

The causes of Porsche’s sharp downturn are also largely tied to the Chinese market and its electrification strategy. In China—the world’s largest automotive market—Porsche’s sales have now declined for four consecutive years. In 2025, the company sold roughly 42,000 vehicles in the country, a 26% drop from the previous year. In addition, Porsche incurred significant strategic expenditures totaling about €3.9 billion. These include €2.4 billion for adjustments to its product strategy, approximately €700 million related to U.S. tariff impacts, and another €700 million invested in its battery business.

Fluctuations in electric vehicle demand have also affected Porsche’s flagship electric sports car, the Porsche Taycan. Deliveries of the model declined by about 22% in 2025. Under mounting market pressure, Porsche has been forced to slow the pace of its full electrification transition while simultaneously strengthening development of internal combustion engine technologies.

Looking ahead, both companies are facing the growing pains of the automotive industry’s transformation. On one hand, the growth trajectory of the global electric vehicle market is becoming increasingly uneven. On the other hand, Chinese domestic brands continue to expand their competitive advantage in electrification technology and pricing. For Porsche in particular, some forecasts suggest that its sales in China could decline further to around 30,000 vehicles in 2026. These developments illustrate how dramatically the competitive landscape has shifted in the era of new energy vehicles, and the strategic adjustments made over the next few years may determine whether traditional automotive giants can regain their growth momentum.