Profits at Porsche plunged by nearly 96 % in the first nine months of 2025. The German carmaker attributed the decline to a change in strategy, shifting its focus back to combustion engines due to weak demand for electric vehicles.

Stuttgart

Porsche has reported a substantial third-quarter loss of nearly 1 billion euros, mainly due to the costs associated with delaying its electric vehicle (EV) rollout and returning focus to petrol-powered cars. The company's operating profit for the first nine months of the year dropped to 40 million euros, reflecting challenges in the luxury car market, especially in China, and the high expenses of its initial EV strategy.

In response to weak demand for high-performance electric vehicles and significant costs, Porsche has decided to postpone the introduction of some fully electric models and extend the lifespan of its combustion engine and hybrid vehicles. The company also faces additional pressures from declining sales in China and potential tariffs in the United States. To address these challenges, Porsche has appointed former McLaren boss Michael Leiters as its next CEO, with hopes of reviving demand and resolving its EV strategy.

Germany's Porsche pauses shift to EVs as profits tank

After years of roaring down the autobahn, a speed bump for Porsche. The iconic sports car maker notched up a spectacular third quarter loss of almost 1 billion euros, as it grappled with the costs of returning to petrol and delaying its electric vehicle rollout. Operating profit, which strips out some costs such as tax, fell to 40 million euros for the first nine months of the year. Porsche revved up its electric vehicle strategy with the launch of its electric car project Mission R. This concept embodies everything that Porsche, what it is, performance, design and sustainability. All electric, high performance and efficient, this is the new Mission R. Then in September, Porsche went into reverse. The sports car maker said it would delay the introduction of some fully electric cars and extend the life of some combustion engine and hybrid models. The reason was lack of growth in demand for high performance electric vehicles, and there were significant costs associated with the original, aggressive EV strategy. Porsche's parent company Volkswagen said it had taken a punishing 5 billion euro profit hit to cover the costs of Porsche's product re-jig. Porsche is wrestling with a severe slump in top market China, where the collapse of the luxury market has hit demand and local manufacturers are raising their game. In the first nine months of the year, Porsche sold just under 32,200 cars in China, down around a quarter on a year earlier. Porsche is particularly vulnerable to Donald Trump's tariffs, as it has no manufacturing footprint in the United States. Porsche may be forced to set up a factory there. In a bid to fix things, Porsche has appointed ex-McLaren boss Michael Leiters as the next CEO. He'll take the wheel in January, hoping to revive demand in China and resolve the EV conundrum. Investors remain to be convinced.

Kingston's waterfront in Jamaica was empty on Saturday, with the first bands of rain from Hurricane Melissa hitting the island. But in some parts of the city, they are still racing to prepare for the storm. Jason Allen reports.

Kingston

Jamaica braces for Hurricane Melissa

U.S President Donald Trump says he plans to hike tariffs on imports of Canadian goods by an extra 10 per cent because of an anti-tariff television ad aired by the province of Ontario.

Ontario

Global Tariffs

Trump announces new punishing tariffs on Canada

French media reports that the Louvre has moved some of its most precious jewels out of the museum for safekeeping. The jewels were moved from the Apollo Gallery, the scene of Sunday's heist, according to French radio.

Paris

Louvre moves most precious jewels out of museum for safekeeping

The United States is stepping up its military presence in the Caribbean by ordering its most advanced aircraft carrier into the region. Venezuela's President Nicolas Maduro accused the US of using drug trafficking claims to "fabricate a war" in Latin America.

Caracas

Venezuela's Maduro accuses U.S of 'fabricating war'

Deploying an aircraft carrier is a major escalation of military power in a region that has already seen an unusually large US military buildup in the Caribbean Sea and the waters off Venezuela.

U.S sending aircraft carrier to South America in major escalation

Ontario Premier Doug Ford stands by his decision to run an anti-tariff ad campaign in the U.S. after President Donald Trump halted trade talks with Canada because of it. The ad will be paused next week and Prime Minister Mark Carney says he is ready to resume talks when the U.S. is interested.

Ottawa

Trump halts trade talks with Canada over World Series ad

New York Attorney General Letitia James pleaded not guilty to federal charges of bank fraud and railed against the Trump administration over her prosecution.

New York

Letitia James pleads not guilty in mortgage fraud case

The Pentagon announced the USS Gerald R. Ford, the Navy's newest and most advanced aircraft carrier, is headed toward South America as news emerges about a 10th U.S. strike against alleged drug-carrying vessels in the area.

Washington

Pentagon sending world's largest aircraft carrier to Latin America

U.S. President Donald Trump will meet Chinese President Xi Jinping next week as part of a trip to Asia, the White House said on Thursday (October 23), confirming the meeting which had been called into question following an escalation in trade tensions.

Seoul

Trump to meet Xi in South Korea as part of Asia swing

Changpeng Zhao, known as "CZ," stepped down as head of the world's largest cryptocurrency exchange and pleaded guilty to money laundering in 2023. U.S. President Donald Trump has issued Zhao a pardon.

Trump pardons convicted Binance founder Changpeng Zhao

Britain's King Charles III and Pope Leo XIV have prayed in public together in a historic moment, marking the first time in 500 years that leaders of both the Church of England and the Catholic Church have taken part in a joint service.

Vatican City

King Charles meets Pope Leo XIV in historic public show of unity

U.S. President Donald Trump is reacting to an anti-tariff ad featuring a speech by former President Ronald Reagan. Trump is claiming that Canada is trying to influence the Supreme Court as it prepares to hear a case on tariffs.

Trump ending trade talks with Canada over anti-tariff ad

Venezuelan President Nicolas Maduro appealed Thursday for calm as tensions rose with Washington, saying in English: “No crazy war, please!” His plea followed US President Donald Trump’s announcement that he had authorised covert action against Caracas amid an expanding U.S. military campaign targeting alleged drug traffickers in the Caribbean and Pacific.

'No crazy war, please!' Maduro pleads to Trump after covert action

Portland Trail Blazers coach Chauncey Billups was charged in connection with a conspiracy to fix high-stakes card games. Miami Heat guard Terry Rozier was charged in a second fraudulent betting scheme and more than 30 people in total were arrested between the two cases.

Portland

NBA coach Chauncey Billups charged in rigged gambling scheme

An Alaska Airlines IT outage is causing a ground stop for flights nationwide.

Seattle–Tacoma International Airport

FAA issues ground stop for all Alaska Airlines flights due to tech issue

President Trump signaled the U.S. military is planning to go beyond just striking what the administration says are Venezuelan-linked drug boats, saying "land is going to be next."

Trump warns land strikes against alleged drug traffickers may be next

The European Union has imposed more economic sanctions on Russia, adding to U.S. President Donald Trump's new punitive measures against the Russian oil industry.

Brussels

EU joins U.S. in imposing more sanctions on Russia

President Trump announced Thursday that he has called off a plan to deploy federal agents to San Francisco after a conversation with the city's Democratic mayor, Daniel Lurie.

San Francisco

Trump reverses plan to send federal agents to San Francisco

President Trump has pardoned Binance founder Changpeng Zhao, who pleaded guilty to enabling money laundering through the world’s largest cryptocurrency exchange.

Trump pardons Binance founder Changpeng Zhao

In a post on X, Lithuania's President Gitanas Nausėda slammed what he called a "blatant breach of international law and territorial integrity."

Vilnius

Russian aircraft enter NATO member Lithuania's airspace

New York City Mayor Eric Adams and Andrew Cuomo were seen together at last night's Knicks game following the final mayoral debate.

Adams to endorse Cuomo in NYC mayoral race

Several National Basketball Association stars have been charged in an illegal gambling scheme that involved multiple organized crime families. Among those taken into custody are Portland Trail Blazers coach Chauncey Billups and current Miami Heat player Terry Rozier.

NBA stars linked to illegal gambling investigations

King Charles III met on Thursday with Pope Leo XIV during a state visit to the Vatican, where he made history as the first head of the Church of England to pray publicly with a pontiff in a service broadcast live on Vatican media.

British royals at Vatican for historic visit with Pope Leo

The U.S. struck two more alleged drug vessels, this time on the Pacific side of Latin America – totaling nine strikes in less than two months.  Videos released by Defense Secretary Pete Hegseth on Wednesday show boats destroyed in two separate military strikes.

U.S. strikes two alleged drug vessels in the Pacific, Hegseth confirms

U.S. President Donald Trump is imposing new sanctions against Russia as violence against civilians in Ukraine continues. CBS News' Nancy Cordes reports.

Ukraine Invasion

Trump imposes new Russia sanctions

US Vice President JD Vance is in Israel to meet with Prime Minister Benjamin Netanyahu. A US-brokered Gaza ceasefire has come under pressure over the weekend as both sides, Israel and Hamas, accused the other of not abiding by the ceaesfire's conditions.

Jerusalem

Middle East Conflict

U.S. VP Vance meets Israeli PM Netanyahu in Jerusalem

The director of the Louvre admitted to inadequate camera surveillance of the museum's outside walls, three days after thieves robbed it of prize jewels in a brazen daytime heist. But Laurence des Cars said that a diamond- and emerald-studded crown that the burglars damaged and dropped as they fled could be restored.

Louvre director admits 'insufficient' camera coverage after heist

Testimony has begun in the murder trial of former Sangamon County Sheriff's deputy Sean Grayson, who shot and killed Sonya Massey in her home last year after she had called 911 for help.

Springfield

Testimony begins in murder trial of ex-deputy who killed Sonya Massey

The International Court of Justice has ruled that Israel is legally obligated to allow humanitarian aid into Gaza, amid growing concerns over the worsening crisis in the enclave.

The Hague

UN court rules Israel legally obligated to allow aid into Gaza

The U.S. hit another alleged drug vessel with a military strike Tuesday night, Defense Secretary Pete Hegseth confirmed Wednesday. CBS News senior national security correspondent Charlie d'Agata has more.

Breakdown