Porsche (P911) CMD 2026 (Q&A) summary

Strategy and positioning

• Sportwagenschmiede ’35 centers on value over volume, higher value per vehicle, stronger exclusivity and a leaner, more agile organization; midterm volumes are expected near 2025 levels.

• 911 strategy emphasizes higher-end mix and individualization; top-model average selling prices target ~20% growth and medium-term Sonderwunsch sales target sixfold growth.

• Target ~20% fewer model variants, ~30% higher sales per variant and a ~45% increase in D/E-segment portfolio share in the medium term.

• Quality initiative targets better customer-perceived product and service quality and warranty-cost reductions of up to 45% in the medium term.

Products and technology

• Electric Cayenne planned for 2026; electric 718 for 2027, with 718 Boxster and Cayman expected to support sales in their first full production year, 2028; ICE/PHEV Macan launches in 2028 and contributes a full year in 2029.

• A B-segment SUV with combustion and plug-in hybrid powertrains is planned for 2028, with sales and profitability contribution expected in 2029.

• Develop a mid-engined super-sports-car platform above the 911; explore a D-segment SUV above Cayenne and strengthen 911 derivatives. Mission S targets a new performance segment without 911 cannibalization.

• Panamera and Cayenne successors are planned with ICE and plug-in hybrid powertrains; investments span combustion, plug-in hybrid and next-generation battery technologies.

• Expand Audi collaboration through PPE and PPC platforms; at least one brand-defining product is targeted annually through 2030.

Financial outlook and recovery

• Midterm means 2030-31; targets include Group sales of EUR 41bn-EUR 45bn, operating return on sales of 10%-15% and Automotive net cash flow margin of 9%-12%; conservative assumptions place targets in the lower range.

• Long-term targets are 15% Group operating return on sales and 12% Automotive net cash flow margin; the upper end of medium-term ranges depends on improved conditions and/or further value-creation initiatives.

• 2027 is expected to be the trough for profitability, net cash flow and volume; performance should improve step by step from 2028, with 2028 above 2027 but outside the midterm target ranges.

• China assumptions are below 10% of volume with no market recovery included; broader recovery depends on suitable products. A stronger U.S. dollar or more favorable macro conditions could provide upside.

• Investment is expected to peak in 2026, then investment and R&D expenditure are expected to decline significantly in the medium term.