Porsche's Financial Loss
German sports car maker Porsche reported a third-quarter loss of almost €1 billion ($1.16 billion) due to the costs of returning to petrol and delaying its electric vehicle (EV) rollout.
Operating profit, which excludes certain costs such as tax, fell to €40 million for the first nine months of the year. In July, Porsche had reported an operating profit of €1.0 billion since the start of the year, resulting in a loss of about €960 million in the subsequent months.
Finance chief Jochen Breckner stated that the results reflect the cost of Porsche reworking its product portfolio to shift back to petrol vehicles in the face of tepid EV demand.
Porsche's financial loss is attributed to the costs associated with reworking its product portfolio.
Author's summary: Porsche loses €1 billion.More News
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