German car manufacturer Porsche's profit for the first nine months of this year fell by nearly 96% compared to the same period last year, amounting to only 114 million euros. The company incurred a loss only in the third quarter, with losses reaching 967 million euros.
Operating profit dropped from about 4 billion euros last year to 40 million euros, decreasing by almost 99%. The company's revenue fell by 6%, totaling 26.9 billion euros.
According to analysts, this crisis is associated with Porsche revisiting its strategy. Management abandoned large-scale plans for the production of electric vehicles and batteries.
Deadlines for new electric models were postponed, and investments were mainly redirected towards traditional cars with internal combustion engines. As much as 3.1 billion euros will be spent this year alone to rebuild the strategy.
