Porsche’s profit rises 25 percent in the first three months of 2023

Porsche posted profits of $2 billion, up from $1.6 billion in 2022, thanks in part to an 18 percent increase in sales.

for Chris Chilton

1 hour ago

Porsche is preparing to introduce some major changes to its lineup, including a new generation of all-electric Boxster and Cayman sports cars. But one thing that hasn’t changed is its ability to print money. The automaker has just released its financial results for the first quarter of 2023, and the numbers reveal that profits rose 25.5 percent compared to the same period last year.

An 18 percent increase in deliveries from 68,426 in the first three months of a 2022 with supply constraints to 80,767 in the first part of 2023 helped boost sales revenue to 8.04 billion euros (8.8 billion dollars) to 10.1 billion euros ($11.1 billion) and the operation. profits of €1.47 billion ($1.6 billion) to €1.84 billion ($2 billion). The Porsche Group’s sales return of 18.2 percent is unchanged from last year, but Porsche finance chief Lutz Meschke says the company is targeting a return of 20 percent long-term. Porsche attributed the strong results to a number of factors, including “positive” pricing.

“Our sports car brand celebrates its 75th anniversary this year and we are stronger than ever,” said Oliver Blume, CEO of Porsche and VW Group. “Our products are highly requested by customers all over the world. Our business model is flexible and robust, even in a difficult market environment. This can be credited to the entire Porsche team.”

Related: Porsche Rumored to Unveil Mystery New Car on June 8th, Could It Be the 911 ST?

But while the global economic doldrums may not have reduced the number of people who feel wealthy enough to splash out on a new SUV or Porsche sports car, the new figures confirmed that the recent financial turmoil has affected parts of the business Inflation-related interest rate increases contributed to a reduction in the share of leased and financed vehicles from 45.7% in January-March last year to 41.5% this year. Porsche Financial Services’ operating profit fell from 102 million euros ($112 million) to 86 million euros ($94 million), even as sales revenue rose by 27 million euros ( 30 million dollars) to 803 million euros ($882 million).

Despite headline earnings news having soared, Porsche’s share price remains at an all-time low. The company went public in September 2022 and shares are currently worth €49.39 ($54.23), down from a high of €59.76 ($65.62) in March.

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Porsche is preparing to introduce some major changes to its lineup, including a new generation of all-electric Boxster and Cayman sports cars. But one thing that hasn’t changed is its ability to print money. The automaker just posted its financial results for the first quarter of 2023 and the numbers reveal that profit jumped by 25.5 percent over the same period last year."
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An 18 percent increase in deliveries from 68,426 in the first three months of a supply-restricted 2022 to 80,767 in the first part of 2023 helped lift sales revenue from €8.04 billion ($8.8 bn) to €10.1 billion ($11.1 bn), and operating profit from €1.47 billion ($1.6 bn) to €1.84 billion (€2 bn). The Porsche Group return on sales of 18.2 percent was unchanged from last year, but Porsche finance chief Lutz Meschke says the firm is targeting a 20 percent return in the long term. Porsche put the strong results down to a number of factors including ‘positive’ pricing."
  [2]=>
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“Our sports car brand is celebrating its 75th anniversary this year and we are stronger positioned than ever before,” said Porsche and VW Group CEO Oliver Blume. “Our products are highly sought-after by customers around the world. Our business model is flexible and robust – even in a challenging market environment. This can be credited to the entire Porsche team.”"
  [3]=>
  string(237) "



Related: Porsche Rumored To Unveil A New Mystery Car On June 8, Could It Be The 911 ST?"
  [4]=>
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But while global economic gloom might not have reduced the number of people feeling wealthy enough to splash out on a new Porsche SUV or sports car, the new figures did confirm that recent financial turmoil has affected parts of the business. Inflation-related rises in interest rates contributed to a reduction in the share of leased and financed vehicles from 45.7 percent in Jan-March last year to 41.5 percent this year. Porsche Financial Services’ operating profit fell from €102 million ($112 m) to €86 million ($94 m), even as sales revenue rose by €27 million ($30m) to €803 million ($882 m)."
  [5]=>
  string(254) "



Despite the news about overall profits have soared, Porsche’s share price remains at its lowest point ever. The company floated in September 2022 and stock is currently worth €49.39 ($54.23), down from a high of €59.76 ($65.62) in March."
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