Many of the figures in Porsche’s 2024 annual report are very strong, and would be envied by many other car makers. But they’re not as strong as many analysts think they should be.

Trump’s tariffs, a series of setbacks with battery suppliers, and slow demand for the highly acclaimed electric Taycan and the new electric version of the Macan are bound to add even more pressure to the board of directors. Further cost cuts, various schemes for trimming the future product range and up to 4000 redundancies are options being discussed.

And there are more negatives to consider. Like the continuing embarassing delays to the electric Boxster and Cayman, originally planned for 2023/24. They’re in danger of being out of date before they’re even launched; the current plan is a tentative 2026/27.

And then there’s the perception of inflated prices, which is beginning to irk loyal customers and dealers alike. And the difficulty in pinning down a strategy for a new halo car (possibly a GT2 RS in 2028, possibly something involving Bugatti). And the €3.5bn the company has sunk into its share of the SSP architecture (the 800-volt electric platform for Porsches, Audis and VWs, which is still over three years away).

Given all this, you will understand why a senior manager recently told me, on condition of anonymity, that Porsche had its ‘back against the wall’. Its market value is down 45 per cent compared to 2022.

But there are many reasons to be optimistic. After all, Porsche has hit choppy waters on several previous occasions, and recovered brilliantly. It has a lot of loyal customers, and queues of future customers saving up to join in the fun of owning these excellent cars.

We asked a bunch of industry analysts what it might take to bring Porsche back on track. Drawing on their suggestions, here are our five proposals.

They know it. We know it. He knows it. Sooner or later, Oliver Blume must let go of Porsche and concentrate on the VW Group where much bigger pictures need his undivided attention.

He’s a very talented man, but doing two jobs – CEO of Porsche and CEO of the parent VW Group – is too much.

Key candidates, listed in alphabetical order, include Michael Leiters (ex Porsche, Ferrari, McLaren), Michael Steiner (the current chief technology officer), Frank-Steffen Walliser (ex Porsche, now Bentley CEO), Stefan Weckbach (ex Porsche, now chief strategist for the VW group), Klaus Zellmer (ex Porsche, now Skoda CEO).

The question is: which of these guys has what it takes to win over the powerful majority shareholder clan led by Hans Michael Piëch and Wolfgang Porsche? As things stand, the supervisory board seems to be too willing to do whatever the Piëch and Porsche families want.

Geely, Xpeng, BYD and other leading Chinese car makers can perform the entire gestation process from project kick-off to start of production in about two and a half years. The rest of the world takes 18 to 24 months longer, and doesn’t benefit from the level of state subsidy enjoyed by Chinese manufacturers.

No, there is nothing Porsche can change about the Chinese government. But it can and must boost efficiency and flexibility, and needs to return asap to the high-tech forefront where it stood tall prior to the underestimated paradigm shift from combustion to electric.

It takes a fresh mindset – almost a start-up mentality – plus hard work and an army of very bright people to develop and implement the new breakthrough technologies that can challenge China. Like the very first high-output solid state battery, a new generation of high-performance in-wheel e-motors, next-generation sports car combustion engines, new combinations of different cell chemistries in one compact lightweight modular energy pack, dramatically advanced software capable of partial self-coding… you name it.

In the past, the VW Group allowed systems suppliers like Bosch and Continental to accumulate the expertise that should have been generated in-house. Now this process must be reversed, accelerated and streamlined. Fusing parts and processes within the group is okay – but at the end of the day, Porsche, Audi, Bentley and Lamborghini should function as rivals as well as partners.

When will the combustion engine die? In 2035, as the EU postulates? In 2040 or 2045, because global markets have the final say? Or in 2060, when China wants to be CO2-neutral? Whatever the answer, the combustion engine will be around for several more model generations.

Seven years ago, Porsche had predicted sales to be 88 per cent EV by 2028, with every model including the 911 emissions-free. Then reality set in as the combination of sport-luxury and battery power failed to click with the core clientele. As a result, the discontinued combustion Macan must now be reinstated in a rush, and the Cayenne will be offered in electric and combustion forms.

From here, Porsche could go down a more Mercedes-like route and offer most models (but not the 911) with a choice of two different drivetrain concepts. Or it could choose a more BMW-akin path and prepare a convergence matrix capable of simultaneously accommodating both technologies.

In an ideal world, Porsche would not only create a best-of-all-worlds sports car platform but would also design (or collaborate on) architecture capable of being adapted for the whole range.

Wishful thinking? Perhaps. But there’s a danger that if Porsche keeps updating old combustion cars – rather than creating entirely new ones – stricter legislation and slackening demand will force them into retirement.

Mention the acronym PTS and every Porsche insider will cringe with frustration. In theory, PTS – short for ‘paint to sample’, the idea being that Porsche can custom-paint a car any colour the buyer wants – is a licence to print money. In reality, PTS is an embarrassment because of a bottleneck in the paint shop. Transferring the Taycan from Zuffenhausen to Leipzig might solve the problem, but this shift is far from a done deal.

Porsche also has teams dedicated to create one-off and few-off cars: highly individualised, personalised and customised cars that stand out from the crowd, radiate emotion and warrant high resale values. This is something the Chinese manufacturers have yet to come to grips with, not least because of the lack of a long car-making heritage in China.

There are so many obvious opportunities for Porsche to cash in on the appetite for something a bit different – such as a second generation of the hugely acclaimed Dakar limited edition.

But for now Porsche seems unable or unwilling to milk such opportunities to the max.

We get it. The rumoured Porsche flying car was a pipe dream at best. We also accept the abortion of the electric Mission X near-hypercar. And the fact that the all-electric 911 codenamed 998 has been indefinitely delayed. Not to mention the pending demise of the Panamera, which won’t morph into an EV after all because that segment is already occupied by the Taycan Mk2.

But what we don’t get is some of the newcomers that do seem to be definitely happening. In particular the mammoth K1 earmarked for 2029. Does Porsche really need a seven-seat plug-in SUV, apparently later due to pop up in even less fetching coupe form?

What we’d much rather see is a two-door 928-style Taycan coupe and convertible.

And although there may currently be one or two too many 911 model variants and body styles, the GT division still has plently of scope for proliferation. A base no-frills lightweight 911 GT would be a wonderful drift machine – much more credible if a little more expensive than the marketing-driven T.

At the other end of the scale, the Porsche hardcore are thirsting for a reincarnation of the legendary 911 GT1. If there ever was a perfect new Porsche halo car, this must be it.