保時捷在2025年第三季度的財報公布後，引起市場廣泛震動，其利潤暴跌高達99%，僅錄得4000萬歐元的利潤，相比去年同期的40.35億歐元幾乎腰斬至零。單季度的虧損數字更驚人，達到9.66億歐元，這一數據使這家曾被譽為豪車“印鈔機”的品牌，瞬間跌下神壇，引發業界對豪華車市場及其未來走勢的討論。

保時捷官方對此次利潤大幅下滑進行解釋，指出主要原因包括五個方面。首先，產品戰略調整帶來的特殊費用，使得短期內成本大幅增加。隨著市場逐步向智能化與電動化轉型，保時捷不得不加大在新能源車型的研發投入，這一調整雖有長期布局意義，但短期成本高昂。

其次，中國市場環境充滿挑戰，尤其是豪華車領域競爭激烈。作為保時捷的最大市場之一，中國消費者對高端品牌的需求正面臨多重考驗，包括新能源車的興起、購買力變化以及政策調整等，使得保時捷在中國的銷量出現下滑，直接影響其整體利潤。

第三，與電池活動相關的一次性費用支出也對財報造成壓力。隨著電動車比例增加，電池技術更新、供應鏈管理及相關一次性投入成為企業財務負擔的一部分，進一步壓縮了利潤空間。

第四，組織變革帶來的費用也不可忽視。保時捷為了適應新能源與智能化趨勢，進行了內部架構調整、人員培訓及管理流程優化，這些變革雖有助於長期發展，但短期內增加了財務壓力。

第五，美國進口關稅增加，對出口業務形成額外成本。作為全球高端品牌，保時捷的產品出口在財務結構中佔有重要比例，關稅的上升直接推高了產品成本，進一步壓縮利潤空間。

綜合來看，保時捷在2025年第三季度的業績暴跌，既是全球豪車市場重新洗牌的反映，也是新能源與智能化時代挑戰的集中體現。曾經依靠品牌光環和用戶忠誠度穩坐高端市場的保時捷，如今也必須面對市場需求變化、成本上升以及競爭激烈的現實，豪車市場的“神話”正在被逐步打破。

Porsche’s third-quarter 2025 financial results have sent shockwaves through the market, revealing a staggering 99% drop in profits, with net income of just €40 million, compared to €4.035 billion in the same period last year. The quarterly loss itself reached €966 million, a figure that has dramatically tarnished the brand’s reputation as the “money-printing machine” of the luxury car industry, prompting widespread discussion about the future of the high-end automotive market.

Porsche cited five main factors for this sharp decline. First, special costs related to product strategy adjustments significantly increased short-term expenses. As the automotive market transitions toward electrification and digitalization, Porsche has ramped up investment in new energy vehicle development. While this is strategically important for the long term, it has substantially raised short-term costs.

Second, the Chinese market has proven challenging, particularly for luxury vehicles. As one of Porsche’s largest markets, China has seen changing consumer preferences due to the rise of electric vehicles, shifts in purchasing power, and policy adjustments, resulting in a decline in Porsche sales and directly impacting overall profits.

Third, one-time expenditures related to battery activities have added financial pressure. With the growing share of electric vehicles, costs associated with battery technology upgrades, supply chain management, and one-off investments have contributed to a squeezed profit margin.

Fourth, organizational restructuring expenses have also played a role. To adapt to electrification and intelligent mobility trends, Porsche has undertaken internal restructuring, staff training, and process optimization. While beneficial for long-term development, these changes have increased short-term financial burdens.

Fifth, increased U.S. import tariffs have added extra costs to export operations. As a global luxury brand, Porsche relies heavily on exports, and higher tariffs have directly raised product costs, further compressing profit margins.

Overall, Porsche’s dramatic drop in third-quarter 2025 profits reflects a reshuffling of the global luxury car market and the challenges posed by the era of electrification and digitalization. Once reliant on brand prestige and loyal customers to dominate the high-end market, Porsche now faces shifting consumer demand, rising costs, and intensifying competition, signaling that the long-standing “myth” of luxury car invincibility is gradually being dismantled.