Very simple, Tom. Assuming a 15% drivetrain loss, 194.9whp = 224.135 crank horsepower: on par with a desnorked, broken in engine. Porsche is also notorious for under-estimating HP figures.
Losses occur through the gearbox, and other drivetrain components: axles, hubs, bearings, et cetera. I hope that answers your question.
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Bisimoto Engineering
2001 modified Boxster S, slate grey, red interior
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