"Porsche is having a rough time these days. After acting as the de facto cash cow for the Volkswagen Group for many years, the German luxury sports car maker is facing sinking profits, slowing sales in China, the impact of U.S. tariffs and less demand for its EVs than expected. In fact, Porsche has had to press pause or delay some of its upcoming electric cars at a massive cost of $2.1 billion (1.8 billion)."
"Michael Leiters will become the German automaker's new CEO on Jan. 1, 2026, ending a decade-old era with Oliver Blume at the helm of one of the most recognizable nameplates in the world. But that had been a challenge for the conglomerate as of late: Blume had been pulling double-duty as the CEO of the entire Volkswagen Group, which he ascended to in 2022 after Herbert Diess was forced out amid a glut of software setbacks."
"Leiters, a doctoral engineer, began his 25-year automotive career at Porsche in 2000, where he first worked as a project manager. Fast-forward to 2006, and Leiters became the project manager for the first-ever Cayenne hybrid, which debuted in 2010. Then, he led the entire Cayenne project before becoming a product line director. The 2010 Porsche Cayenne S Hybrid was Leitner's first major project. Photo by: Porsche His stint at Porsche ended in 2013, according to his LinkedIn profile,"
Oliver Blume stepped down as Porsche CEO but will remain head of the Volkswagen Group. Michael Leiters will assume the Porsche CEO role on Jan. 1, 2026. Porsche is experiencing sinking profits, slowing sales in China, U.S. tariff impacts, and weaker-than-expected EV demand. The company paused or delayed upcoming electric cars, incurring a $2.1 billion charge. Porsche will shift greater investment toward hybrid vehicles. Blume had led both Porsche and Volkswagen after becoming Volkswagen CEO in 2022, drawing criticism for holding both roles. Leiters previously worked at Porsche on the Cayenne hybrid and held product leadership roles before leaving in 2013.
Read at insideevs.com
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