Porsche sees higher profitability and recovery in China in 2H22
Jul. 18, 2022 7:30 AM ETPorsche Automobil Holding SE Preferred Shares (POAHF), POAHYVLKAF, VWAGYBy: Niloofer Shaikh, SA News Editor
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- Volkswagen-owned Porsche (OTCPK:POAHY) expects revenue of €38B to €39B ($38.63B to $39.64B) in 2022 vs. 33.1B in 2021, despite reporting a 5% drop in deliveries in 1H22 - Reuters.
- The brand is targeting 20% or more return on sales in the long-term, with a goal of 17%-18% for 2022 - up from 16% in 2021.
- The sports car maker plans to continue growing its profitability as it increases sales of fully-electric vehicles.
- The company saw a 5% drop in deliveries in the first half of 2022 with China sales down 16% amid coronavirus-induced lockdowns.
- Porsche sales in India jump two-fold to 378 units in 1H22.
- Chief Financial Officer Lutz Meschke said the carmaker expects a stronger second half in China, with Chief Executive Oliver Blume adding June and July sales so far were positive.
- Volkswagen (OTCPK:VLKAF) plans to list Porsche (OTCPK:POAHF) on the stock market in September.