Porsche has cut its profit targets amid slowing electric vehicle demand and intensifying competition in China. The luxury automaker now aims for a 15% to 17% profit margin, down from its previous medium-term target of 19%, after posting 14% in 2024. The Volkswagen group subsidiary reported that operating profit fell by more than a fifth to 5.6 billion euros ($6 billion) last year, from 7.3 billion euros ($7.9 billion) in 2023. Revenues remained flat at 40 billion euros ($43.1 billion) as vehicle deliveries decreased 3% to 311,000 units. The Stuttgart-based company shocked investors by revealing China sales had fallen 28% in 2024. In response, Porsche announced plans to invest 800 million euros ($862 million) in combustion engine vehicles and hybrids this year.