Porsche’s racing division staged a massive presence at the 24 Hours of Spa-Francorchamps this weekend, fielding 15 GT3 R cars on the iconic Belgian Formula 1 circuit. The automaker used the occasion to unveil the new GT4 R, a 520-horsepower boxer-engined racer based on the latest 992.2 platform that will debut in the 2027 motorsport season, targeting the fast-growing international GT4 class. But while the track team celebrated, the company’s stock told a very different story.
The preferred shares closed at €43.05 on Friday, shedding nearly 10% over the week. The stock now sits well below its 50-day moving average of €45.20 and has slipped roughly 9% since the start of the year, more than €7 off its 12-month high around €50. The relative strength index has dropped to 35.2, signaling a deeply oversold market.
Investors are wrestling with two large structural shifts hitting Porsche’s bottom line at once. The company confirmed it is moving production of the Cayenne SUV — currently built in Bratislava, Slovakia — entirely to its Leipzig plant in Saxony. All three powertrain variants will be affected. Talks with the works council are underway, with details expected at the capital markets day in October. Before the Cayenne can start rolling off the Leipzig line, the factory faces a painful gap. Management has already begun cutting 200 jobs through voluntary severance agreements by August, and a further 400 employees will be temporarily transferred to Wolfsburg.
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The production reshuffle comes at a delicate time for Porsche’s finances. In the first half of the year, revenue slipped to €8.40 billion, operating profit shrank to €595 million, and the key operating return on sales fell to 7.1%. The full-year guidance remains intact: management is targeting a margin between 5.5% and 7.5% on revenue of up to €36 billion. But those numbers will face close scrutiny when the company holds its pre-close call on July 10, followed by the full half-year report on July 29.
Shareholders received their annual payout on Friday — €1.01 per preferred share — though the dividend is lower than last year’s distribution. The company also had some positive news beyond the racing track: Porsche took first place in J.D. Power’s U.S. quality study, with a significantly reduced defect rate per vehicle, and the 911 defended its title as the top-ranked model.
The coming months will test whether the Leipzig bet pays off. The capital markets day in October is where the board must convince investors that the production consolidation makes financial sense. Until then, the stock remains caught between the glamour of the racetrack and the gritty reality of factory restructuring.
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