Porsche reports good results after nine months, affirms forecasts for 2023

Porsche AG, the renowned luxury carmaker, has released its nine-month results, indicating a robust performance that is in line with its annual forecast. Despite facing challenges such as rising costs to prepare for upcoming product launches, Porsche’s strong presence in North America and Europe has offset declining sales in China.

The company reported an impressive sales performance of 18.3%, with operating profit up 9% to an astonishing 5.5 billion euros, equivalent to approximately 5.83 billion US dollars. This remarkable achievement was achieved amid additional expenses associated with preparations for four major product launches planned for next year.

Porsche’s unwavering confidence in the resilience of luxury demand, even in the face of rising inflation and global economic uncertainties, is evident in its forecasts for 2023. The company projects a return in sales between 17% and 19%, based on estimated sales of between 40,000 and 42,000 million euros. This optimistic outlook underscores Porsche’s belief in the enduring appeal of its luxury offerings, even in difficult economic times.

In late September, the company expressed its determination to achieve these ambitious goals despite rising interest rates and an uncertain economic climate in China. While deliveries in China saw a 12% drop from January to September, Porsche’s all-electric Taycan sports car saw an impressive 11% growth to 27,885 units. This increase indicates a significant recovery from the supply chain challenges that had previously hampered the delivery of battery electric vehicles in the first half of the year.

In conclusion, Porsche AG’s nine-month results show the company’s resilience and adaptability in the face of various challenges. With strong performance in North America and Europe, along with the expected success of upcoming product launches, Porsche remains confident of achieving its ambitious goals for the coming year.

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