Porsche Bets on Return to Gas Engines as EV Sales and China Deliveries Slump

Porsche is betting that a pivot back to gas-powered vehicles will help its turnaround, but it may not be enough, according to Yahoo Finance. Shares are down more than 5% this year and nearly 50% since the company's IPO at the end of 2022.
CEO Michael Leiters, in place since January, told the Financial Times that Porsche will bring back a gas version of the Macan, but not until 2028. The outgoing gas Macan was slated to end production in July, creating a gap. HSBC estimates the gap will cost Porsche about 25,000 units and roughly €500 million ($563 million) in profit in 2027, and forecasts operating profit to fall 8% that year. Leiters also ruled out a fully electric 911 and said calling him an EV skeptic is "unfair."
Sales and financials:
- Electric Macan sales dropped 40% in the first half of 2026, and Taycan deliveries fell 25%. The 911 was the only model line to grow, up 19%.
- China deliveries sank 32% in the first half to around 14,500 units, after falling four straight years to about 41,900 in 2025 from about 95,700 in 2021. Management guided to "just above 30,000 units" in China this year, but HSBC said the current run rate looks closer to 25,000 and falling.
- First-half revenue fell 5% to €17.23 billion ($19.4 billion).
- Operating profit rose 34% to €1.35 billion ($1.5 billion) on cost cuts, and operating margin improved to 7.8% from 5.5%, still well short of 14.1% in 2024. Leiters also reached a deal to trim 9,000 jobs by 2035.
- On Sept. 18, Volkswagen said it would take a non-cash impairment of around €6 billion ($6.8 billion) on goodwill tied to Porsche.
HSBC analysts said the transition is "proving both painful and slow." Investors will hear more on Oct. 7, when Porsche hosts its capital markets day.