The Sportwagenbauer Porsche, which belongs to the VW group, started in the year in view of the problems in China and the planned conversion of the company with a clear damping. In the first quarter, sales were EUR 8.86 billion by 1.7 percent below the previous year’s value, as the majority of DAX companies belonging to Volkswagen announced on Tuesday.
However, the operational result collapsed by 40.6 percent to 0.76 billion euros and was even weaker than feared by experts anyway. The corresponding margin dropped from 14.2 to 8.6 percent.
Flower lowers profit forecast
Already on Monday evening, Porsche boss Oliver Blume (56) surprisingly reduced the financial outlook of the DAX group for sales and results and spent a profit warning because higher costs for the battery shops and the renovation, the new US incidents and the weak Chinese business slow down the group. The long -running stock fell pre -interconnected.
On the tradegate trading platform, the paper gave up 2.8 percent compared to the Xetra closing. The course is expanding the loss: the stock has lost almost half over the age of twelve months. The Volkswagen-Preference stocks listed half a percent under their Xetra closing course on Monday in the post-market tradegate trade.
In terms of sales, management expects only a value between 37 and 38 billion euros in the current year, as the Stuttgart agents announced. So far, the group had targeted a value between 39 and 40 billion euros. The target corridor for operational sales return was reduced by 3.5 percentage points to 6.5 to 8.5 percent. The margin would be single -digit.
In the previous year, Porsche had achieved sales of 40.1 billion euros and an operational margin of 14.1 percent. “Porsche also cannot avoid the changed framework conditions. China alone, the slow -red run of electromobility and the consequences in the supplier network have reduced our margin by around 5 percentage points,” said Blume with a view to 2024 In an interview with manager magazine
. “In the long term, at Porsche we stick to our fundamental ambition of more than 20 percent group sales return.”
In the view that has now been reduced, among other things, Porsche now takes into account the US tariffs on import cars from the EU-but only in the changeable location for April and May. At the moment, no reliable assessment of the effects for the financial year is possible.
Porsche does not have its own production in the USAThe cars are introduced from Europe. US President Donald Trump (78) had occupied auto imports from the EU with an additional custom of 25 percent.
1.3 billion euros in special expenses
Above all, Porsche costs additional money that the Swabians no longer want to pursue the expansion of the production of high -performance batteries with their daughter Cellforce independently. As a result, flower now calculates with special expenses of 1.3 billion euros this year and not only 0.8 billion. They have been due because Porsche wants to reduce around 3900 jobs, including the loss of temporary employees, and that there is more money into the development of burners and hybrids.
In China, the offer is also continued to put it on the weak heel. In the first quarter, Porsche in the People’s Republic had only delivered just under 9,500 cars to customers, 42 percent less than a year earlier. The continued challenging market conditions and the declining demand in the fully electric luxury segment brakes Porsche considerably.
However, because the company wants to do without as little margin as possible, no discounts should help to boost sales. Since the wealthy customers in China spend less money on luxury goods and expensive cars because of the real estate crisis and the general economic situation in the country, Porsche has tried to transfer the cars produced to other world regions. The trade conflict in the United States – also an important market for Porsche – comes to the company for the company.
To support suppliers, Porsche must also dig deeper into her pocket. This Tuesday (April 29), Porsche will present the numbers for the first quarter.