The automaker’s operating profits plunged nearly 93% after scrapping an all-electric vehicle program
German luxury carmaker Porsche AG has reported a sharp drop in operating profits following a costly pivot away from its long-term EV strategy amid mounting challenges facing the EU’s auto sector.
The automaker booked extraordinary expenses totaling about €3.9 billion ($4.5 billion) in 2025, which on paper slashed its group operating profits by nearly 93%, from €5.6 billion to just €413 million, according to the company’s investor conference presentation released on Wednesday. Battery-related activities cost roughly €700 million, with US tariffs…
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