German sportscar manufacturer Porsche saw profits plunge in 2024, as sales in China took a major hit and the carmaker poured money into updating several of its high-end models. Porsche executives warned on Wednesday that the carmaker won't return to hitting key financial targets until the end of the decade.

Porsche AG lowered another profitability goal set at the time of its blockbuster listing after the luxury-car maker’s earnings slumped due to tumbling sales in China.

German sportscar manufacturer Porsche said its net profit fell 30.3% year-on-year to €3.6 billion ($3.9 billion) in 2024. The decline was due to the poor performance of business in China and high costs for refreshing its model lines,

The new standalone Porsche SUV model will benefit from "synergies," suggesting a possible collaboration with Audi

Namely, the long-rumored electric Cayenne will arrive this year, according to a statement made by Porsche's CEO Oliver Blume. Like the Macan Electric, battery-powered versions of the Cayenne will be built on a completely new platform, manufactured and assembled in Bratislava, Slovakia.

Two of Europe’s leading companies are providing a macroeconomic lesson on tariffs and the conditions for when they’re passed along.

Porsche warned on Wednesday that lower sales, high costs and trade concerns would hurt 2025 earnings, even before a possible hike in U.S. tariffs on EU imports, making it the biggest percentage decliner on Europe's benchmark stock index.