People Stop Buying Porsches, Decade-Long CEO Steps Down
Porsche CEO Shake-Up: Oliver Blume Steps Down
After an internal emergency meeting, Porsche announced that Oliver Blume — at the helm for a decade — will step down as CEO.
Yes, this is the same Oliver Blume well-known as one of the multinational auto executives most frequently visiting China.
His successor: Michael Leiters, a long-time Porsche executive and former McLaren CEO.
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Leadership Transition: January 1, 2026
Porsche officially confirmed:
- Outgoing CEO: Oliver Blume
- Incoming CEO: Michael Leiters
- Effective Date: January 1, 2026
Why the change?
The leadership shift stems partly from pressure by German labor unions and shareholders. Concerns center on Blume being spread too thin by serving both as Porsche CEO and Volkswagen Group CEO for the last three years.
Blume had hinted before that he might leave Porsche’s top post — but why now?
To answer that, let’s look at his career trajectory.
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Oliver Blume: Career Highlights
- Early Career at Audi: Rose from junior engineer to senior management, including time at Spain’s SEAT.
- Academic Achievement: PhD in Automotive Engineering at Tongji University under Wan Gang.
- 2009: Returned to Germany as Volkswagen Group Head of Production Planning.
- 2013: Joined Porsche’s Board, overseeing Production & Logistics.
- 2015: Became Porsche CEO.
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Porsche Under Blume: Record Growth
When Blume took over:
- 2015 Deliveries: 225,000 vehicles (up 18.6% YOY)
- Operating Return on Sales: 15.8%
- Operating Profit: ~€3.4 billion
- Contributed 26% to VW Group’s pre-profit special items.
Electrification Push
Under Blume:
- 2030 Goal: >80% of deliveries fully electric.
- Launched all-electric Macan & 718 projects.
- Championed Porsche Taycan, a top-selling luxury EV.
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Porsche IPO & VW Challenges
- 2022 IPO: One of Europe’s largest, led by Blume.
- Same year, VW Group crisis: falling market share, stalled EV plans, weakening profitability.
- Blume took on dual CEO role (VW & Porsche).
However, delays in strategic projects raised concerns about leadership bandwidth.
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Market Pressures & China Sales Decline
Porsche’s once-largest market — China — is in decline:
- 2023: North America overtook China in sales.
- 2024: Xiaomi entered EV market; Porsche China sales hit a 10-year low.
- China dropped to Porsche’s third-largest market.
Financial strain on Porsche is now impacting VW Group profitability, prompting calls for strategic transformation.
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The New CEO: Michael Leiters
- Age: 54
- Porsche Tenure: 13 years (including as star product manager for Cayenne SUV Hybrid).
- Former Ferrari CTO
- Former McLaren CEO
Challenges Ahead
- Accelerate electrification.
- Reignite global sales.
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Q3 2024 Performance Snapshot
Global Deliveries (First 3 Quarters)
- Total: 212,509 units (-6% YOY)
- North America: 64,446 units (+5% YOY)
- China: 32,195 units (-26% YOY)
Electrification Progress
- Electrified Models Share: 35.2% (+12.8 pp YOY)
- Pure EV: 23.1%
- Plug-in Hybrid: 12.1%
Financial Performance
- Revenue: €18.16B (-6.7% YOY)
- Operating Profit: €1.01B (-67.1% YOY)
- Return on Sales: 5.5% (↓ >10 pp YOY)
- Target: “Road to 20” cost reduction → 18%–20%
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Historical Parallel
In 1993, CEO Wendelin Wiedeking revived a struggling Porsche with VW’s backing.
Now, in 2024, Porsche faces another turning point — this time in a fiercely competitive, rapidly electrifying market.
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Racing Toward Recovery
First step: Regain racetrack prestige.
Leaked spy shots show the upcoming Panamera Turbo GT, featuring:
- Track-focused mods
- Aggressive design
- 4.0L V8 with Turbo S E-Hybrid motor
- Target output: >771 hp
Goal: Reclaim Nürburgring lap record from Xiaomi Auto.
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AI Tools & Industry Storytelling
Platforms like AiToEarn官网 are enabling creators and automotive analysts to:
- Generate AI-driven insights
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- Track analytics and model rankings
- Monetize content globally
In fast-moving automotive markets, such tools help brands and experts deliver timely, fact-based narratives without sacrificing reach.
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Bottom line:
Porsche’s leadership change signals urgency in navigating declining sales, electrification delays, and intensifying competition. With Michael Leiters at the wheel, the race to recover market position is on — and every lap now counts.
