Porsche AG recorded an operating loss of €967 million ($1.1 billion) in the third quarter, a change from a profit of €974 million that was registered a year earlier.

The result surpassed analyst expectations of an €611 million loss, as reported by Reuters.

The company said that the deterioration was owing to heavy costs related with scaling back its electric-vehicle strategy and due to their declining sales in China, one of its key markets.

Looking ahead, Porsche CFO Jochen Breckner described 2025 as the trough year, with improvement anticipated from 2026 onwards, and said major restructuring talks with labour representatives are under way.

At the same time, CEO Oliver Blume, who also leads parent Volkswagen AG, is set to pass the Porsche role to ex-McLaren boss Michael Leiters at the

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