Porsche Cuts Global Revenue Forecast to €36 Billion Amid 26% Sales Drop in China

Porsche expects its global revenue in 2024 to decline to approximately €36 billion, impacted by a 26% drop in sales in the Chinese market, rising U.S. tariff costs, and adjustments to its electric vehicle (EV) strategy. The company incurred around €2.4 billion in EV transition costs last year, resulting in an operating profit margin of just 1.1%. To address these pressures, Porsche will streamline its organizational structure, reduce management layers, and plans to cut roughly 3,900 jobs by 2030—including 2,000 temporary positions. Additionally, the company is scaling back its dealer network in China, developing in-car software better aligned with local user preferences, and exploring the launch of a new model positioned above the 911 and Cayenne to boost profitability. Some EV projects have already been canceled or postponed, while the share of internal combustion engine and hybrid models is being increased. CEO Oliver Blume stated that the company aims to achieve a clear improvement in performance by 2026.