Porsche starts the year with a drop in sales and profits

Due to high costs of launching new models and weak demand, sales and profits of Baden-Württemberg sports car maker Porsche fell sharply in the first quarter of 2024. Sales fell 10.8 percent in the first three months of the year compared to and the same quarter last year to 9 billion euros, and operating profit fell by 30 percent to 1.3 billion euros, which corresponds to a return on sales of 14.2 percent, according to finance director Lutz Meschke announced in a conference call Friday afternoon. “But we expect our performance to improve from here as the year progresses,” Meschke continued.

Porsche sold nearly 78,000 vehicles in the first quarter, a decrease of 3.9 percent. According to Meschke, changes to the Taycan and Panamera models in particular have resulted in limited product availability. According to Meschke, this will change in the coming months.

“We are facing three quarters in which we will always benefit from our new varieties,” Meschke continued. “Panamera, Taycan, Macan and the new 911 offer great opportunities. It should not be forgotten that this new launch is offered with continuous customization options.

This year, Porsche is updating four of its six model series: In the first quarter, new versions of the Panamera sedan and the Taycan electric car were released, followed later by the electric Macan and the new 911. The Volkswagen subsidiary is sticking to its annual forecast. In 2024, Porsche plans sales of between 40 and 42 billion euros. Sales revenue should reach 15 to 17 percent. In the long term, Porsche aims for a value of more than 20 percent.

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