Keep pulling the thread on Oliver Bloom.
In mid-2025, Porsche's CEO Oliver Bloom stated to employees that the company's business model was no longer working in its current form.
Porsche's operating profit fell from 4.04 billion euros to approximately 40 million euros in the first nine months of 2025, a 99% collapse.
Porsche's sales fell by 6% in 2025, which equated to a 1.7 billion euro loss in revenue and 13,000 fewer vehicles delivered.
In early 2025, Porsche's vehicle deliveries in China dropped by 42% compared to the previous year.
Porsche has softened its target of achieving 80% of sales from electric vehicles by 2030, with CEO Oliver Bloom calling the goal "not realistic anymore."
Porsche attributed its profit drop to a strategic shift back towards combustion engines following weak demand for its electric vehicles.
Porsche is facing increased competition in China from local brands such as Zeekr, Nio, and Xiaomi, which offer vehicles with advanced software and lower prices.
Global deliveries of the Porsche Taycan electric vehicle fell by 49% in 2024.
Porsche has invested approximately 2.7 billion euros in upgrading new production facilities for its EV transition.
Porsche expects to invest a total of 3.1 billion euros in 2025.
Porsche stated that recent trade tariffs have increased its costs by hundreds of millions of euros.
Porsche projects only a small positive revenue margin after accounting for a proposed 15% US import tariff.