German sports car maker Porsche sunk to a third-quarter loss of almost one billion euros ($1.16 billion), the firm said Friday, as it grappled with the costs returning to petrol and delaying its electric vehicle (EV) rollout.
Operating profit鈥攚hich strips out some costs such as tax鈥攆ell to 40 million euros for the first nine months of the year.
Porsche said in July it had made an operating profit of 1.0 billion euros since the start of the year, meaning it lost about 960 million euros in the months after.
Finance chief Jochen Breckner said the results reflected the cost of Porsche reworking its product portfolio to shift back to petrol vehicles in the face of tepid EV demand.
鈥楾his year鈥檚 results reflect the impact of our strategic realignment,鈥� he said. 鈥楾hese measures are essential.鈥�
Porsche in September said it would delay the introduction of some fully electric cars and extend the life of some combustion engine and hybrid models. 鈥� AFP
