The sports car manufacturer Porsche In view of the new billion -dollar burdens, AG is even less profit this year than already. A new SUV series above the Cayenne should initially only be offered as a combustion and plug-in hybrid, and models with an internal combustion engine should be available longer.
For this year, further significant special loads of around 1.8 billion euros were incurred. Overall, the costs for corporate renovation now totaled 3.1 billion euros this year. CEO Oliver Blume (57) said on Friday evening according to the announcement: “We are currently experiencing massive upheavals in the area of the automotive industry, so we are building up Porsche comprehensively.” With the step, you take new market activities and customer needs.
Dividend should “be significantly lower”
The operational return in the year will only be slightly positive up to 2 percent. Most recently, Blume had still wanted to withstand 5 to 7 percent of sales as an operational profit. Porsche named Porsche a delayed ride of electromobility. The dividend for the current year should “be significantly lower,” warned Porsche. In the medium to long term, however, the realignment of the product portfolio should have a positive effect on the financial indicators.
Porsche has been investing in new combustion engines since the beginning of the year. The current changes again show that the turn to the E-car at the Zuffenhauseners does not appear. No other brand in the VW group had set itself an ambitious electric goal. But there is not much left of that. Porsche has also recently given up plans for its own battery.
Volkswagen also rowed back
Also the parent company Volkswagen becomes more careful because of the billion dollar loads. The Wolfsburgers will expire this year for estimated depreciation and follow -up costs of 5.1 billion euros. For Europe’s largest car manufacturer, this means that he only calculates with an operational return on sales of 2 to 3 percent. So far, 4 to 5 percent have been targeted. The umbrella company Porsche SE of the family owner Porsche and Piech also captured their winning expectations.
Porsche AG’s shares, that of its parent company Volkswagen and also the papers of the umbrella company Porsche SE came under pressure on Friday after closing. On the trading platform Tradegate, the sports car manufacturer was more than 4 percent down in the evening, while the VW share certificates fell by around 3 percent. The Porsche SE stocks lost 0.9 percent.
Porsche in crisis mode, job cancellations planned
The successful sports car manufacturer has continued to slip into the crisis in the past few months. Sales left a lot to be desired – mainly in China and the USA went bad. The US import duties also burdened the business. The profit therefore rustled into the basement. The group surplus from January to June was 718 million euros – that was 71 percent less than a year earlier. In the Stuttgart region, Porsche therefore wants to save and delete positions. Another savings program is now to be negotiated. There were also a number of changes on the board.