(Finance) – Porschea German car manufacturer, has announced that the first quarter 2024 was characterized by the launch of the third model generation of the Panamera and the new Taycan, with large-scale investments in digitalisation and research and development. As a result, it reported an “expected” decline in sales and profits.
The sales amounted to 9.01 billion euros (previous year: 10.10 billion euros). L’operating profit of the group was 1.28 billion euros (previous year: 1.84 billion euros). In the first three months of the year, 77,640 were delivered to customers cars (previous year: 80,767).
“Even in difficult times, our financial strength allows us to invest decisively in our future. We are strengthening our product portfolio, our innovation capacity, our products and services – he says Lutz Meschke, Vice President and Member of the Executive Board for Finance and IT at Porsche – In the first quarter we gained great momentum to lay the foundation for future success. After that we will start again with momentum“.
Despite the still difficult macroeconomic context, Porsche keeps its predictions, provided that the macroeconomic environment does not deteriorate significantly. The company plans a operational return on sales between 15 and 17% for the whole 2024. This forecast is based on an estimated sales turnover of between 40 and 42 billion euros. In the medium term, Porsche maintains its forecast of a group operating return of between 17 and 19 percent. In the long term, it aims for a group operating return on sales of more than 20%.