Porsche sure-footed amid uncertainty
Zuffenhausen posts positive third quarter results amid global downturn.
Despite the many challenges of the coronavirus pandemic, Porsche has generated an operating result of two billion euros in the first three quarters of 2020. It also recorded a 10.4 per cent return on sales over the same period with revenue of 19.4 billion euros.
This operating result is down 28 per cent on last year, but Lutz Meschke, Deputy Chairman and Member of the Executive Board responsible for Finance and IT at Porsche AG, is still very satisfied with the result and maintains that a return on sales of 15 percent remains the target: “Due to the effects of the coronavirus pandemic, this is unrealistic for 2020 but, thanks to our long-term strategy, we are confident that we will achieve a double-digit return on sales at the end of this year.”
Oliver Blume, Chairman of the Executive Board at Porsche AG, believes a broad and evolving product range has been a contributing factor to the success of 2020 so far: “Our young, attractive product portfolio appeals to customers,” Blume says. “I’m optimistic about the coming months. The new 911 and our electric sports car, the Taycan, impressively demonstrate our innovative strength, and their sales figures have exceeded our expectations.”
Since the start of the year, Porsche has delivered 191,547 cars to its customers worldwide. Some 25,400 911s were delivered in the first nine months of the year, an increase of one per cent year-on-year, while almost 11,000 customers received a Taycan in that time.
Despite difficult market conditions, Porsche also remains committed to its investments in digitalisation and electrification, and 15 billion euros will be invested in new technologies over the next five years. “Although this investment reduces our current result, in the long term it will help to secure the future of the company and jobs,” says Meschke.