Porsche holding profit drops 36% as carmaker’s EV troubles weigh on results

A slowdown at luxury automaker Porsche has hit its main shareholder Porsche Holding, which reported a 36% decline in adjusted profit after tax for the first nine months of the year, citing delays and higher costs tied to its electric vehicle rollout.

The holding company, controlled by the Porsche and Piech families, said profit fell to €1.6 billion ($1.87 billion) in the January–September period. Porsche Holding, which also owns a major stake in Volkswagen, said results were “significantly influenced” by challenges at both carmakers.

Volkswagen and Porsche have faced billions in extra costs after Porsche postponed parts of its EV launch to counter weakening demand in China and ongoing supply chain disruptions. Despite the difficulties, Chief Financial Officer Johannes Lattwein said the group had improved its financing structure and reduced net debt by 3% to €5 billion, keeping it resilient “even in the challenging automotive environment.”

The company maintained its full-year outlook after a profit warning in September linked to Porsche’s strategic overhaul. Seeking to diversify beyond the auto industry, Porsche Holding said it is exploring new investments in the defense sector, looking to benefit from rising global military spending as Germany’s carmakers struggle with slower demand, high transition costs, and intensifying competition from China.