Operating profit — which strips out some costs such as tax — fell to €40 million for the first nine months of the year.

Porsche said in July it had made an operating profit of €1 billion since the start of the year, meaning it lost about €960 million in the months after.

Finance chief Jochen Breckner said the results reflected the cost of Porsche reworking its product portfolio to shift back to petrol vehicles in the face of tepid EV demand.

“This year’s results reflect the impact of our strategic realignment,” he said. “These measures are essential.”

Porsche in September said it would delay the introduction of some fully electric cars and extend the life of some combustion engine and hybrid models.

Its parent company, the Volkswagen Group, booked a €5.1 billion hit to its profit for the year based on the costs of Porsche’s product rejig as well as it cutting profit targets.

Porsche has come under intense pressure from competitors in top market China and is particularly vulnerable to US President Donald Trump’s tariffs as it has no manufacturing footprint in the United States.

Breckner told analysts and investors on a call that “tariff-related costs” had so far amounted to over €500 million.