Porsche has hit the brakes — hard. For the first time since its flashy 2022 debut on the stock market, Stuttgart’s finest has swung into the red, reporting a €967 million loss in Q3 2025. Last year it made almost the same amount in profit, which makes this quite the handbrake turn.

The culprit? A dramatic rethink. While the rest of the world can’t build EVs fast enough, Porsche’s own electric dreams have fizzled faster than a dodgy Taycan charger. The brand’s battery models just aren’t selling, so it’s ditching a planned all-electric SUV, taking a €1.8 billion hit, and pivoting back to what it knows best — petrol, hybrids, and performance with a pulse.

For the first nine months of 2025, Porsche managed a limp €40 million in operating profit — pocket change compared to €4 billion last year. China sales fell 26%, and in the U.S., Trump’s insane tariffs are chewing through profits while simultaneously destroying the U.S. economy. Not such a “stable genius,” so it would seem.

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Still, CFO Jochen Breckner insists it’s all part of the plan, calling 2025 “the trough before a noticeable improvement.” Translation: things are bad now, but just you wait. He says Porsche is “consciously accepting” weak results while it makes its cars “more individual, exclusive and desirable.” Because nothing says “exclusive” like losing a billion euros, right?

Adding to the plot twist, CEO Oliver Blume — who’s also VW’s top man — is stepping away from Porsche at year’s end. Former McLaren boss Michael Leiters will take the wheel just in time to see if this petrol-powered detour can get the brand’s fortunes firing again.

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