EQS-News

Porsche AG kicks off a year of product launches with determination

EQS-News: Dr. Ing. h.c. F. Porsche AG / Key word(s): Quarterly / Interim Statement Porsche AG kicks off a year of product launches with determination (news with additional features) 26.04.2024 / 17:30 CET/CEST The issuer is solely responsible for the content of this announcement.

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Porsche AG kicks off a year of product launches with determination

• Sports car manufacturer generates Group sales revenue of 9.01 billion euros and Group operating profit of 1.28 billion euros
• Group operating return on sales is 14.2 per cent
• Ramp-ups of the new Panamera and Taycan models impact results
• CFO Lutz Meschke: “Even in challenging times, our financial strength allows us to invest decisively in our future. We are strengthening our product portfolio, our innovativeness and our products and services. In the first quarter, we gained a lot of momentum to lay the groundwork for future success.”
• For 2024, Porsche is sticking to its forecast of a Group operating return on sales of 15 to 17 per cent.

Stuttgart. Porsche AG has got off to a vigorous and forward-looking start to the challenging 2024 financial year. In this year of product launches, the sports car manufacturer is renewing four out of its six model lines. The first quarter was marked by the ramp-ups of the third model generation of the Panamera and the new Taycan. In addition, large-scale investments have been made in digitalization and research and development. Accordingly, the Porsche Group recorded an expected decline in sales and earnings in the first three months. At the end of the quarter, Group sales revenue amounted to 9.01 billion euros (previous year: 10.10 billion euros). Group operating profit was 1.28 billion euros (previous year: 1.84 billion euros). Group sales revenue came in at 14.2 per cent (previous year: 18.2 per cent).

“Even in challenging times, our financial strength allows us to invest decisively in our future. We are strengthening our product portfolio, our powers of innovation and our products and services,” says Lutz Meschke, Deputy Chairman and Member of the Executive Board for Finance and IT at Porsche AG. “In the first quarter, we gained a lot of momentum to lay the groundwork for future success. After that, we’ll hit the ground running.” Meschke summarizes the reasons for the current developments as follows: “Porsche is forging ahead with the transformation and will have renewed four of its six model lines by the end of 2024. The comprehensive upgrade of our product portfolio is associated with a great deal of effort and demands a great deal of the entire Porsche team. But our investments and product launches of today are our profits of tomorrow.”