Khaberni - The luxury German sports car manufacturer Porsche announced on Friday a decrease in its profits during the first 9 months of the current year by 95.9% compared to the same period last year.
The profits of the company, which is a part of the "Volkswagen" group, during the first nine months of the current year amounted to only 114 million euros ($132.5 million).
It is noteworthy that the main factor that led to the collapse of the company's net profits is the change in strategy by the management team led by Oliver Blume, who still holds the position of CEO of Porsche to this day, despite his decision to step down.
Recently, ambitious targets for the electric vehicle sector were cancelled, alongside the planned battery production. Also, the launch of new electric vehicle models has been postponed.
Porsche's operating profits during the first nine months amounted to 40 million euros, a decrease of 99% compared to the same period last year, which recorded just over 4 billion euros.
