The midpoint of the guidance ranges Porsche published alongside its annual results Tuesday implied operating profit of 6.6 billion euros, equivalent to $7.2 billion—a substantial drop from last year and also some way below consensus forecasts. Porsche has had a difficult six months as China, which accounted for almost one in three deliveries in 2021 and probably a larger share of profit, has become highly competitive. Porsche sold 27% of its vehicles in the U.S. and Canada last year, but relative to the number of rich people the brand is much smaller there than in Europe or China.