Inside that message was a crucial line, quote, our business model no longer works in its current form.
訊息中有一句關鍵的話，引述道：「我們的商業模式已無法以現有形式運作。」
00:15
Hearing that from Porsche is unusual. This is a company built on control, precision, and a long history of financial stability. Their cars have carried confidence over the years.
You can think of the 911 Carrera RS from the 70s, the futuristic 959, or the Porsche 911 Spider that blended electric power with race engineering. These were the cars that defined ambition and for decades the formula seemed to work. It was simple. Porsche built luxurious
你可以想想 70 年代的 911 Carrera RS、未來感的 959，或是將電動動力與賽車工程融合的保時捷 911 Spider。這些車款定義了雄心壯志，幾十年來，這個模式似乎一直奏效。這很簡單。保時捷打造豪華的
00:44
fast cars and people bought them. And as such, the company became one of the most consistently profitable automakers in the world. And that's why the recent headlines feel so unexpected.
The most shocking was Porsche's operating profit. It once comfortably sat in the billions, but it fell from 4.04 billion euros to roughly 40 million euros in the first nine months of 2025.
To put that in simple terms, it was a staggering 99% collapse. At the same time, demand in some of their most important markets has slowed and the transition to electric vehicles has become far more expensive and complicated than expected. All of these pressures came together
at the same time. Now, a brand known for its stability is bordering on a crisis.
現在，一個以穩定著稱的品牌正瀕臨危機。
01:33
So how did Porsche get to this point? In this episode, we explore Porsche's struggles and exactly why the business model that carried them for decades suddenly collapsed. This is the last cold fusion episode for the year. So let's get into it.
For most of its life, Porsche has been a company you could count on.
在其大部分歷史中，保時捷一直是一家值得信賴的公司。
02:04
Year after year, the brand stayed solid. Great cars and financially steady. This was even the case when the rest of the industry was struggling. Sure, there were minor dips, but they always bounced back quickly. Part of that stability came from the way Porsche built its cars and brand image.
年復一年，這個品牌保持穩固。優秀的汽車和穩定的財務狀況。即使在其他汽車產業苦苦掙
02:21
The early models set the tone. When the very first Porsche 356 appeared in 1948, it showed what the company cared about, a light, clean design and engineering that felt intentional.
That approach created something rare. Porsche became recognizable in a way that most brands never manage. The 911 made that clear. It's unmistakable and iconic, a low front, round headlights and a curve that flowed effortlessly to the back. Even people who have never driven
one knew the shape. Sports cars made Porsche desirable, but the SUV's made it familiar.
也知道它的外形。跑車讓保時捷受人嚮往，但休旅車讓它變得家喻
02:54
The Cayenne in 2002 and later the McCann brought the brand into everyday life and turned into a commercial success. While those models shape Porsche's presence on the road, racing shaped its identity.
Over the decades, the company earned around 30,000 victories. Porsche's performance reputation felt earned rather than advertised. The experience of owning a Porsche helped too.
Porsche dealerships often ranked near the top for customer satisfaction, with many buyers returning again and again. In the United States, the brand regularly appears among the highest for owner loyalty. Price played its own part in the brand's image.
A new Porsche 911 starts around 110,000 and higher trims easily cross the 200,000 mark.
一輛全新的保時捷911起價約為11萬，高階車型則輕易突破20萬大關。
03:40
But also older 911s often hold value well above 100,000 depending on condition and rarity.
但較舊款的911，其價值通常也遠高於10萬，視車況和稀有度而定。
03:46
Behind the scenes, Porsche kept tight control over its production.
在幕後，保時捷嚴格掌控其生產。
03:49
Vertical integration helped the company maintain consistency and keep the cost predictable, and that showed up in the numbers. Porsche earned an estimated 18,000 euros in profit per vehicle, a solid figure for a company at size. Ferrari sat much higher at 136,000 euros of profit per car.
But in the broader luxury market, Porsche still stood out. These pieces shaped a brand that felt both exclusive and familiar. If Porsche builds a model this strong, how on earth did its operating profit collapse by 99% in 2025? Profits at German carmaker Porsche plunged by nearly
96% in the first 9 months of this year. Porsche said the drop in profits was due to a change in strategy as the company shifted its focus back to combustion engines after weak demand for its electric vehicles. Profits weren't the only thing slipping. Porsche's global revenue and
deliveries were also moving downward in 2025. Sales fell by 6%, roughly equal to 1.7 billion euros in lost revenue, and around 13,000 fewer vehicles delivered across the year.
So what's driving all of this? It's a mix of geopolitical pressure, an expensive technology shift, and a global economy that's becoming harder to navigate. One of the biggest challenges comes from China. The country has been one of Porsche's strongest markets for years, but in early 2025, something flipped. Deliveries in China dropped by 42% compared to the previous year.
Some of this came from weaker luxury spending, but a lot of it came from competition. Chinese brands like Zika, Neo, and Xiaomi's SU7 began offering cars with advanced software, strong performance, and lower prices. You may scoff at the Chinese phone brand Xiaomi being put as
competition to Porsche, but I implore you to watch MKBHD's review of the SU7 car.
與保時捷競爭，但我強烈建議你觀看 MKBHD 對 SU7 汽車的評測。
05:46
It's sick, and then there's the active noise cancellation on top of that, so it just feels like a really serene, calm experience, just because it's so well built.
這車太棒了，再加上主動降噪功能，所以開起來感覺非常寧靜、平穩，就因為它造工精良。
05:54
It's not often you see a car with great software, great features, great build quality, great versatility, great range, and a great drive, and all stacked together. That's pretty elite.
There is basically no question in my mind that if a car like this was available in the US for $42,000, that it would crush, of course, and we may never get a car like this available in the US for $42,000, but Europe will, allegedly, in 2027, and I would say that the competition over there
is at least in a little bit of trouble when that happens. The world has changed, and China can make great cars now. Chinese buyers are starting to choose tech and value over heritage. They wanted intelligence inside their car as much as power under the hood. Suddenly, the German
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At the same time, Porsche was dealing with its own electric transition, and it wasn't going so well.
與此同時，保時捷正在處理自身的電動化轉型，但進展並不順利。
08:19
The company entered the EV space confidently with the Taycan. It had early momentum, but interests slowed down eventually. In 2024, global Taycan deliveries fell by 49%.
The company once aimed for 80% EV sales by 2030, and that target has now been softened.
該公司曾訂下目標，希望在2030年前電動車銷量佔比達到80%，但該目標現已放寬。
08:37
CEO Oliver Bloom called the goal, quote, not realistic anymore.
執行長奧利弗·布魯姆（Oliver Bloom）稱該目標「不再切合實際」。
08:42
The issue wasn't the Taycan itself. Yes, the first generation did have its little niggles, but it's just that the EV luxury market had just moved in unpredictable ways.
問題不在於Taycan本身。是的，第一代確實有些小毛病，但電動豪華車市場的發展方式難以預測。
08:51
Interest went up, then down, then sideways. Meanwhile, the input costs never relaxed.
熱度時而上升，時而下降，時而停滯不前。同時，投入成本從未放鬆。
08:57
Part of that pressure came from Porsche's own strategy. The company has been investing heavily in new production capability, reworking factories, and building out battery operations so it can offer a wide mix of models. Recently, company filings show that about 2.7 billion euros
has gone into upgrades of new facilities alone. It's that kind of spending that makes sense long term, but in the short term, it sits on the balance sheet like a massive weight.
Then, there was the broader economic environment. Tariff pressure had made things even tougher.
此外，還有更廣泛的經濟環境因素。關稅壓力使情況雪上加霜。
09:28
Porsche noted that the latest trade measures pushed its costs into the hundreds of millions, a hit that landed right as the company was already spending heavily on new production.
保時捷指出，最新的貿易措施使其成本增加了數億歐元，這筆打擊恰逢該公司已在新生產方面投入巨資之際。
09:38
Altogether, Porsche expects to invest 3.1 billion euros in 2025.
總體而言，保時捷預計在2025年投資31億歐元。
09:44
And even with cautious planning, the company is only projecting a small positive revenue margin once the proposed 15% US import tariff is included. So when you look at everything together, the picture starts to make sense. Eventually, it all added up.
The world around the company simply changed faster than the business model could keep up.
該公司周圍的世界變化速度，簡直超越了其商業模式所能跟上的速度。
10:07
Porsche now finds itself in an unusual place. The company needs healthy sales to fund its engineering ambitions, but the more it tries to scale, the more it risks losing the exclusivity people expect from the brand. That balance has always been delicate, and the shift to electric cars has made it even tighter. Pricing is where the tension shows up first.
In the West, high-performance electric cars are expensive to build, batteries, cooling systems, software, motors. Everything carries a premium. It's a balance of delivering quality for the right price. If Porsche prices its EVs too high, demand drops. If prices for
them are too low, the margins disappear, finding that balance has become harder.
過低，利潤就會消失。找到這種平衡變得更加困難。
10:47
There was a time when adding more models would help solve problems like this.
曾幾何時，增加更多車型有助於解決此類問題。
10:52
Porsche expanded into SUVs, and for a long stretch, the move paid off.
保時捷擴展到SUV市場，並在很長一段時間內取得了成功。
10:56
But the SUV space is crowded now. Every luxury brand has one, to the chagrin of motoring enthusiasts.
但現在SUV市場已經非常擁擠。每個豪華品牌都有一款，這讓汽車愛好者感到沮喪。
11:02
But anyway, Porsche isn't the only one going through this. Every high-end automaker is dealing with the same question. Ferrari, Bentley, Mercedes AMG, BMW, all of them need huge research budgets to develop modern electric platforms, and all of them are trying to guess where the demand is heading.
What makes Porsche important here, besides the catastrophic 99% collapse in profits, is what the situation represents. It's a company known for its discipline, a company that builds its reputation on engineering confidence and financial consistency.
When Porsche says the ground under its business has shifted, it tells us something about the landscape itself. It suggests that heritage isn't enough anymore, brand power isn't guaranteed.
And the next generation of luxury performance will be shaped by technology and investment levels that are difficult for even the strongest companies to manage, as well as a threat from the east.
Opinions are split here. Some people see the brand drifting away from the conditions that made it successful. Others see a company preparing to reshape itself for a new era.
There is a more cautious view that says that Porsche's challenges run deeper.
還有一種更為謹慎的觀點認為，保時捷面臨的挑戰更為深層。
12:17
Markets that once gave the company strength have cooled, and the emotional appeal that Porsche has built up over decades does not automatically transfer to electric performance. Under that view, the road back to the healthy business that they once enjoyed may be long. But there's an alternative, optimistic way to see this moment. Porsche has had a long history of adapting when
circumstances demand. The company has made bold moves before. Reinvention is something Porsche has done repeatedly, and this may be another one of those points in time.
You can already see hints of where the company is aiming. The recent focus on hybrids suggests some more measured approach to electrification. Limited run performance models continue to show strong demand. It shows that scarcity can be a stabilizing force. And by tightening its volume expectations, Porsche may be preparing to prioritize identity over scale. If this strategy holds,
the next phase of Porsche will likely feel more curated. Fewer models chasing broad appeal, and more emphasis on the kinds of cars that remind people why the brand became iconic in the first place. In that sense, this moment becomes less of a decline and more of a recalibration.
Though it raises a bigger question, what does a luxury performance brand look like in a world where the technology moves quickly and consumer priorities shift every year? Porsche is trying to answer that now, and the way it answers may influence how the rest of the segment evolves.
Even if Porsche's decades-long financial blueprint can break under this intense pressure, what does it say about the future of luxury manufacturing and consumer desire itself?
A little personal note. As a fresh 9-year-old, I remember playing Need for Speed Porsche Unleashed.
一點個人感想。我記得在我還是個九歲小孩時，玩過《極速快感：保時捷解禁》。
13:51
At that time, I fell in love with the cars and the brand all the way back then, and they've kept making great cars ever since. So ultimately, I'd love to see Porsche do well.
But what do you think? Should Porsche produce lower volume to protect its exclusivity? Or is it going to be a lost cause? Let me know in the comment section below.
但你怎麼看？保時捷應該減少產量以保護其獨特性嗎？還是這將會是徒勞無功？請在下面的評論區告訴我。
14:09
Hey guys, thanks so much for watching the whole way through this episode. As I did mention, this is the last video for 2025, so thanks for making it a great year, and we'll be up to bigger and better things next year, so stay tuned. Also, just a small thing. I actually have released some music on Spotify if you're into that. If you type in burn water, you'll be able to find it,
