Economics

H1 suggests Porsche can protect revenue and cash as volume falls, but its 7.8% margin does not yet show underlying recovery. Strategy 2035 must prove that a smaller cost base and deeper Group sharing can restore Porsche-grade economics without overreliance on the 911.

Q2 did not provide evidence that pricing power is rebuilding: net pricing, average selling price, Top-End volume, and adjusted Cars margin all weakened. Cost cuts are buying time; the new product cycle must prove Mercedes can sustain price across all three tiers—Top-End, Core, and Entry Luxury.

Genesis has meaningful reach and scale, but fewer than half its U.S. outlets are dedicated and network-wide throughput is less than half Lexus’s year-10 precedent. The next product cycle must raise volume enough to make retail conversion and broader expansion economically durable.

Early iX3 orders and European BEV growth strengthen Neue Klasse's product case; the updated 7 Series and next-generation X5 show how BMW plans to spread the technology. Sustained software quality, target-level margins, and profitable portfolio-wide scale remain unproven.

Tesla has turned its automotive capabilities into a committed autonomy and robotics strategy with early operating evidence, but not yet durable businesses or external platform leverage. The first proof point is Robotaxi scale with visible economics.