Porsche confirms plans for electric performance SUV to rival Ferrari Purosangue

Porsche AG expects returns to roughly match last year’s record levels, backed by attractive models and high prices, if an already challenging economic backdrop does not get worse. Porsche said on Monday that the luxury automaker will generate an operating margin of 17% to 19% this year, compared with 18% last year. The main profit contributor to parent Volkswagen AG is expected to see revenue rise to 42 billion euros ($45.1 billion).

go through:

Updated on:
March 13, 2023 at 16:31 pm

Porsche’s forthcoming electric car will be built on a new in-house platform, positioned above its forthcoming battery-powered Cayenne, with a focus on self-driving features.

Porsche, Europe’s most valuable carmaker, said after its successful initial public offering last year that it had a “full load” of orders, helping to ease some of the pressure from ongoing supply chain problems. These comments are in line with those of other automakers such as BMW. With pent-up demand, luxury car buyers are less affected by record inflation and the threat of recession.

The stock was down 1.7 percent in morning trade in Frankfurt, trimming its year-to-date gains to 18 percent.

The maker of the 911 sports car, which aims to earn returns of more than 20 percent over time, also provided more information on plans for a new all-electric high-performance SUV that will compete with the combustion-engined Ferrari NV already on the market. Purosangue competes. Porsche’s vehicle will be built on the basis of new in-house vehicles — not VW — and will be positioned above its upcoming battery-powered Cayenne, with a focus on self-driving features.

The company is also expanding its division that makes special-edition cars and high-end trims.

CEO Oliver Blume said in a statement: “We have thus emphasized and strengthened our sporty luxury positioning. We have observed a growing profit pool in this segment, especially in China. and America.”

Porsche is also planning to create a new automotive IT division, led by former Daimler digital chief Sajjad Khan. Long-running problems with Volkswagen’s Cariad software unit have delayed the launch of several key models, including Porsche’s electric Macan.

dividend payment

Following its partial listing in September, Porsche proposed a dividend of 911 million euros, equivalent to 1 euro per common share and 1.01 euro per preferred share.

In 2022, the group’s operating return rate will rise to 18%, with an operating profit of 6.8 billion euros. While a record, the result was slightly below expectations.

First published date: March 13, 2023 at 16:31 PM CST


Leave a Comment

Your email address will not be published. Required fields are marked *