EQS-News

Porsche AG kicks off a year of product launches with determination - Seite 2

The initiated renewal of the model range caused a strong aperiodic increase in research and development costs and marketing activities in the first quarter of 2024. The two ramp-ups in the first three months also had an impact on inventories and sales. “In a challenging environment, we are staying on course and resolutely pursuing our strategy. In this year of Porsche product launches, we will be putting four exhilarating new sports cars from four model lines on the road. This will ensure the wind is at our back for years to come,” says Chairman of the Executive Board Oliver Blume. “My thanks go to our highly motivated team, who are handling the demanding product launches with aplomb.” The new Panamera and the new Taycan will be followed by new launches in the Macan and 911 model lines. This will make 2024 the biggest year of product launches in the company’s history.

At the end of the first quarter, automotive net cash flow was 107 million euros (previous year: 1.43 billion euros). The net cash flow margin for the automotive segment came in at 1.3 per cent (previous year: 15.3 per cent). The reasons behind the figures include the strategic investments in digitalization (MHP and Applied Intuition) in conjunction with the relatively lower Group operating profit, increased investment in equipment and higher research and development outlays. In addition, Porsche temporarily had higher vehicle inventories and significantly higher advance tax payments in the first quarter than in the same quarter of the previous year due to the product launches of the Panamera and the Taycan.

Deliveries to customers in the first three months of the year came to 77,640 vehicles (previous year: 80,767). Porsche continues to have a very well-balanced sales structure that can compensate for fluctuations in individual sales regions. Growth was particularly strong in the Germany and Overseas and Emerging Markets sales regions: in Germany, 11,274 customers took delivery of their new Porsche – 37 per cent more than in the previous year. In the Overseas and Emerging Markets region, 14,895 new cars were delivered. This equates to an increase of 14 per cent.