Porsche dealer in Dortmund
Between January and September, the VW subsidiary delivered 221,512 new cars, an increase of two percent compared to the same period last year.
(Photo: Bloomberg)
The stock market newcomer Porsche has increased its profit by leaps and bounds in the first nine months. While sales grew by almost 16 percent to 26.7 billion euros, operating profit jumped by around 40 percent to 5.05 billion euros, as the sports car manufacturer announced on Friday. Sales per vehicle have risen significantly, and exchange rate effects have also contributed to the increase in revenue, Porsche explained.
Between January and September, Porsche delivered 221,512 new cars, an increase of two percent compared to the same period last year. The return on sales improved by more than three percentage points to 18.9 percent
“From our point of view, the results show that Porsche is well positioned in the sweet spot of the luxury automobile segment,” said Porsche CEO Oliver Blume. The Stuttgart sports car manufacturer has been listed on the stock exchange with a minority stake since the end of September and is majority owned by the Volkswagen Group.
Although Porsche spoke of significant challenges due to disruptions in the global supply chain and the availability of parts for production, it confirmed the outlook for the full year and the longer-term goals. The operating return on sales is expected to be in a range of 17 to 18 percent in 2022.
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This means that Porsche remains the most profitable German manufacturer, closely followed by Mercedes-Benz. In the medium term, the luxury brand wants to earn up to 19 percent and in the long term more than 20 percent of sales.
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