Reported about 4 hours ago
Porsche AG is bracing for an €800 million hit as it revamps its product lineup away from electric vehicles, which is expected to negatively impact its profit margins this year, reducing return on sales to between 10% and 12%. The company is facing challenges in transitioning to EVs, especially in China, leading to a disappointing profit margin forecast for 2024 and a 27% drop in shares last year. Analysts express concern over the significant deterioration in Porsche's outlook, urging the company to clarify its position to a jittery market.
Source: YAHOO