Porsche Profit Slumps 30% on Model Renewals, China Downturn [BNN Bloomberg (Canada)]
PORSCHE AUTOMBL UNSP/ADR (POAHY)
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Source: BNN Bloomberg
Operating profit declined 30% to €1.28 billion ($1.4 billion), the Volkswagen AG brand said Friday, with reticent consumers in China adding to struggles for vehicles to clear customs in the US. Porsche had marked the start of the year as a likely low point, with four revamped models giving the 911 maker a boost from the second half. After working through the lineup upgrades, including the electric Macan and Cayenne SUVs, Porsche “will hit the ground running,” Chief Financial Officer Lutz Meschke said in a statement. Returns fell to 14.2%, below the carmaker's annual guidance of 15% to 17%. The Zuffenhausen, Germany-based company still stuck to its full-year guidance, including expected group revenue of as much as €42 billion. Read More: Porsche's Second EV Is Two Years Late — and Key to Its Future The ramp up of the new Panamera and Taycan models weighed on the result, Porsche said, in addition to significant investments in digital products. Even as luxury car-makers like Por
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