The German carmaker announced on Monday record profits and revenues in 2022, thanks to increased car deliveries and cost reductions. In 2023, it expects sales of 42 billion euros, up 12% from 2021.
This Monday, Porsche AG lifted the veil on record profits and revenues in 2022. The luxury car brand has posted a 27.4% increase in annual profit, to 6.8 billion euros, for a 13% increase in sales to 37.6 billion euros. A good performance, but still slightly below the forecasts of analysts from Refinitiv, a provider of data and infrastructure to the financial markets, who were expecting a profit of 6.86 billion euros and a turnover of 38.3 billion euros.
Deliveries, meanwhile, rose 2.6 percent to nearly 310,000 cars.
“The keys to our success are better price positioning, a strong product range, increased group sales, currency effects and, last but not least, consistent cost discipline”, said Lutz Meschke, the brand’s CFO.
In addition to the good results, Meschke said supply chain issues, geopolitical tensions and rising inflation still pose a challenge for the automotive industry.
Road to 20 program
The company is targeting an increase in revenue to €40-42 billion this year and a margin of 17-19%. In 2023, the company is launching its Road to 20 program, which aims for a group operating profitability of more than 20 percent over the long term.
Featured photo : © Porsche