Porsche sees profit and sales retreat in first quarter [Yahoo! Finance]
PORSCHE AUTOMBL UNSP/ADR (POAHY)
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Source: Yahoo! Finance
Turnover from January to March fell by more than a tenth year-on-year to €9.01 billion ($9.64 billion), the company announced in Stuttgart. At €1.28 billion, consolidated operating result was around 30% below the previous year's figure. Porsche chief executive Oliver Blume had previously dampened expectations in March and described 2024 as a transition year for the firm. The Zuffenhausen-based manufacturer will be renewing four of its six model series in 2024, in what Blume said was the largest model overhaul in the company's history. This has led to a sharp increase in research and development and marketing costs. New versions of the Panamera and the Taycan electric sports car as well as the all-electric Macan compact SUV will be launched. The classic 911 will be refreshed in early summer. The new Cayenne, Porsche's best-selling model, was launched at the end of 2023. Porsche chief financial officer Lutz Meschke was quoted as saying in a press release that in the first qua
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