Porsche’s third profit downgrade in six months has increased pressure for Oliver Blume to give up his dual chief executive roles at the German luxury-car maker alongside Volkswagen as investors prepare for a costly retrenchment of its electric vehicle ambitions.
Shares in Porsche fell as much as 9 per cent while VW dropped 8 per cent on Monday after the company warned late last week of a €1.8bn hit to its full-year operating profit as it laid out the expansion to its petrol and hybrid line-up. Its parent company VW announced a €5.1bn dent to its annual profits.
“Porsche is still a very complex case for the next few years so the sooner the better that they have a full-time CEO,” said UBS analyst Patrick Hummel.
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