{"text":[[{"start":12.04,"text":"Volkswagen has warned of a €5.1bn hit to its operating profits this year after its sports-car maker Porsche said it would delay the rollout of its electric vehicles and prolong internal combustion engine products."}],[{"start":29.57,"text":"Europe’s largest carmaker is lowering its annual profit guidance for the second time this year, blaming “a dramatically declining demand” for luxury goods in China and a 15 per cent US tariff on vehicles imported from Europe."}],[{"start":46.97,"text":"Porsche, part of the VW group, said on Friday that — “due to market conditions” — it would scrap the planned release of a new range of EVs positioned above the Cayenne and would initially offer only the petrol or plug-in hybrid versions. The development of a software platform for Porsche EVs in the 2030s would also be rescheduled."}],[{"start":68.75999999999999,"text":"Oliver Blume, chief executive both of the Porsche marque and the Volkswagen group, said manufacturers were “currently experiencing massive changes within the automotive environment”."}],[{"start":80.79999999999998,"text":"“We have seen a clear drop in demand for exclusive battery-electric cars and we are taking that into account,” Blume said. “That’s why we are pushing back development of selected fully electric models.”"}],[{"start":93.83999999999997,"text":"Porsche would meanwhile extend the lifecycle of existing fossil-fuel models “well into the 2030s”, Blume told journalists in a call."}],[{"start":103.57999999999997,"text":"Blume was “counting on flexibility” from the EU on its ban on selling combustion engine cars from 2035, but stressed Porsche was “prepared for a slower or a faster battery-electric vehicle transition”."}],[{"start":118.67999999999996,"text":"EU officials have been reluctant to revise the 2035 ban as sales of EVs have risen this year in the region on the back of more affordable offerings."}],[{"start":129.56999999999996,"text":"On US tariffs, Blume said he was hopeful a deal with the EU to reduce tariffs on autos to 15 per cent from 27.5 per cent would be implemented. Porsche’s financial forecasts were based on a lower, 15 per cent tariff rate being applied retroactively."}],[{"start":149.10999999999996,"text":"The carmaker was in talks with the US government over a possible package of investments in America, Blume said, adding there was a possibility to “put Porsche under the umbrella”. Blume has said he is willing to go to the US in October to directly negotiate with the Trump administration on the investment plans."}],[{"start":170.68999999999994,"text":"Volkswagen said it would write down the value of its shares in Porsche by a total of €3bn based on the revisions to the sports-car maker’s long-term planning. It would also take a further hit of €2.1bn to its operating profits in the current financial year, taking the total to €5.1bn."}],[{"start":194.82999999999993,"text":"Porsche SE, the investment vehicle controlled by the Porsche-Piëch family, owns 53.3 per cent of VW’s voting shares. VW itself owns more than 75 per cent of the common shares in Porsche AG, while the holding company owns a further 12.1 per cent."}],[{"start":216.06999999999994,"text":"As a result, Volkswagen said it was lowering the forecast for its operating profit margin in 2025 from 4-5 per cent to 2-3 per cent, compared with analyst forecasts for a 4.7 per cent margin, according to Visible Alpha. "}],[{"start":235.76999999999992,"text":"The company reported an operating profit of €19bn in 2024 and a 5.9 per cent margin."}],[{"start":244.69999999999993,"text":"Independent automotive analyst Matthias Schmidt said the margin downgrade was “not so surprising given the continuing challenging geopolitical headwinds” for VW."}],[{"start":256.7899999999999,"text":"The overhaul of Porsche’s EV rollout, however, underlined the issues the carmaker had had with software, he said, warning there could be “more delays”."}],[{"start":280.1699999999999,"text":""}]],"url":"https://audio.ftmailbox.cn/album/a_1758504853_2391.mp3"}