Latest news with #LutzMeschke
NDTV
22-05-2025
- Automotive
- NDTV
Porsche To Retire 718 Boxster And Cayman, Production Ends In October
Porsche has now announced the retirement of its petrol-powered 718 Boxster and Cayman. The 718 duo was facing troubles for the past year, but it is now that we know that the 718 Boxster and the Cayman will be off the production line in October. Previously, Porsche had delisted the 718 Boxster and the Cayman from the Indian website and stopped taking bookings for the duo. As per Motor1, Frank Wiesmann, Product Communications, Porsche Cars North America, stated that the Porsche 718 Boxster and the Cayman are in the final stages of production, after which it will come to a full stop in October. Porsche 718 Boxster and the Cayman were earlier pushed off the European market due to some cybersecurity concerns, back in 2024. However, the Boxster RS Spyder and Cayman GT4 RS continue in the European market as they were limited edition sports cars, and were exempted from the regulations. Porsche is not in a hurry to fill the gap after the discontinuation of the 718 duo, as the planning of its electrified iteration is still underway and will be revealed about a year later. The electrified iteration of the Boxter and Cayman is expected to be built on the same production line as the ICE models at Porsche's Zuffenhausen plant. Also, Porsche has previously said that it will be phasing out the Macan in 2026. Though it may feel like a piece of sad news for the petrol heads, there is still hope, as, according to reports, Porsche's former Chief Financial Officer, Lutz Meschke, mentioned the possibility of the originally planned all-electric vehicles getting a hybrid drive or a combustion engine.
Yahoo
13-02-2025
- Automotive
- Yahoo
Porsche to cut 1,900 jobs at two German plants by 2029, company says
German luxury carmaker Porsche is planning to cut some 1,900 jobs at two plants in the Stuttgart region by 2029, the company said on Thursday. The plants affected are the Porsche core plant Stuttgart-Zuffenhausen and a plant in Weissach, to the west of Stuttgart. Job guarantees are currently in place for Porsche employees until 2030 with redundancies ruled out until then, meaning the company will have to rely on workers to resign voluntarily. The job cuts come after Porsche began phasing out temporary contracts of production workers in 2024, with the carmaker announcing it would no longer be extending any temporary contracts. Porsche has seen turbulent times, with the company unexpectedly announcing earlier this month that it would sack chief financial officer Lutz Meschke and chief sales officer Detlev von Platen, without giving a reason for the decision. However, relations between Meschke and chief executive officer Oliver Blume, who also heads Porsche parent company Volkswagen, are said to have been strained, with Meschke apparently harbouring aspirations for the top job. It is currently still unclear who will replace the two top managers. Meanwhile, Porsche share prices have fallen sharply in the past and the Stuttgart-based company is currently struggling with weak business in China. Porsche, which once had one of the most ambitious electric car strategies in the industry, has also announced that it would put renewed focus on combustion engine vehicles. Porsche originally planned for more than 80% of its sports and off-road vehicles to roll off the production line with a fully electric drive by 2030. Sign in to access your portfolio
Yahoo
08-02-2025
- Automotive
- Yahoo
Porsche's holding firm expects impairments to double on luxury carmaker stake
By Urvi Dugar (Reuters) -Porsche SE, the holding firm of Porsche AG, said on Thursday it expects impairments on its stake in the carmaker to nearly double to a range of 2.5 billion euros to 3.5 billion euros ($3.63 billion). The holding firm also said it expects writedowns related to Volkswagen to tend towards 20 billion euros in its previously expected range of 7 billion euros to 20 billion euros. Porsche SE is Volkswagen's top shareholder. Volkswagen declined to comment. Porsche SE added that the expected impairment on its stake in Porsche AG will also affect its annual financial results, though to a lesser extent. Porsche AG said expenses for vehicle development and battery activities in its units will impact its operating profit and automotive net cash flow by up to 800 million euros in 2025. The German luxury carmaker said it expects 2025 sales revenue between 39 billion euros and 40 billion euros, and automotive net cash flow margin in a range of 7% to 9%. As the carmaker struggles to boost flagging earnings and sales in China, the board is looking to expand the company's product portfolio to include models with combustion engines or plug-in hybrids. The company added it will also make adjustments to its corporate organization. On Saturday, the supervisory board of Porsche AG started talks to end Chief Financial Officer Lutz Meschke's and sales executive Detlev von Platen's contracts early. In October, the carmaker said it would cut costs. This comes at a time when other top-end German carmakers took a battering at home and in China in 2024, sales volume data showed, as wealthier consumers held back on purchases amid an uncertain economy and slower-than-expected electric vehicle sales. ($1 = 0.9633 euros) Sign in to access your portfolio
Telegraph
07-02-2025
- Automotive
- Telegraph
Porsche bets on combustion engines despite net zero
Porsche is to expand its range of petrol cars after admitting internal combustion engines will be around for The German carmaker confirmed it would overhaul its product portfolio to include 'additional vehicle models with combustion engines or plug-in hybrids'. It scrapped a target for 80pc of its vehicle sales to be all-electric last summer. The decision comes despite looming net zero deadlines in Britain and Europe which will Carmakers will be forced to phase out new petrol and diesel cars in the UK from 2030 and from 2035 in Europe. In November, Lutz Meschke, Porsche's chief finance officer, said he expected the internal combustion engine would be around for 'much longer' and that the company was considering adding petrol engines to some of its electric car concepts. On Thursday, Porsche confirmed the move and said it expected to report revenues of between €39bn (£32.5bn) and €40bn this year. Last summer, the Cayenne and 911-maker dropped a target to ensure four in every five cars it sells would be all-electric by 2030. The company, which is controlled by the billionaire Porsche dynasty, said at the time: 'The transition to electric vehicles will take longer than we assumed five years ago. 'Our product strategy is set up such that we could deliver over 80pc of our vehicles as all electric in 2030 – dependent on customer demand and the development of electromobility.' Porsche is the latest carmaker to water down its plans to build electric vehicles amid weak demand. Carmakers including Mercedes-Benz and Renault have scaled back their EV targets in recent months. Meanwhile, Bentley said it would postpone its plans to develop an all-electric range by five years to 2035. Europe has seen sales of battery-powered vehicles drop over the past year as buyers remain cautious over high prices and range anxiety. A withdrawal of tax breaks for EVs in Germany also caused a sharp drop in demand. The number of electric cars sold in Europe fell by 3pc to 3m in 2024, according to analysts Rho Motion, after years of steady growth. In Germany, the number of cars sold in the year to November dropped by more than a quarter.
Zawya
07-02-2025
- Automotive
- Zawya
Porsche's holding firm expects impairments to double on carmaker stake
Porsche SE, the holding firm of carmaker Porsche AG , said on Thursday that it now expects impairments to nearly double to the range of 2.5 billion to 3.5 billion euros ($3.64 billion) on its stake in the carmaker, from a previous range of 1 billion to 2 billion euros. Volkswagen's top shareholder, Porsche SE, now expects its write down to tend towards the lower end of the range of 20 billion euros, while maintaining the previously expected range of 7 billion to 20 billion euros. Porsche SE said that the expected impairment loss on its stake in Porsche AG will also affect its annual financial results, though to a lesser extent. Porsche AG said in a separate statement that expenses for vehicle development and battery activities in its units will impact the company's operating profit and automotive net cash flow by up to 800 million euros in 2025. The German luxury carmaker said it expects 2025 sales revenue of 39 billion to 40 billion euros and automotive net cash flow margin between 7% and 9% due to the expenditures and existing market conditions. As the carmaker struggles to boost flagging earnings and sales in China, the board seeks to expand the product portfolio to include models with combustion engines or plug-in hybrids as well as improve the Sonder- and Exklusivmanufaktur programs. It will also make adjustments to the corporate organization, according to the statement. On Saturday, the supervisory board of Porsche AG started talks to end finance chief Lutz Meschke's and sales executive Detlev von Platen's contracts early. In October, the carmaker said it would cut costs as other top-end German carmakers took a battering at home and in China in 2024, sales volume data showed, as wealthier consumers held back on purchases amid an uncertain economy and slower-than-expected electric vehicle sales. ($1 = 0.9628 euros)
