Porsche confirms outlook on strong sales in North America, Europe

BERLIN (Reuters) – Porsche AG reported nine-month results in line with its annual forecast on Wednesday as strong demand in North America and Europe compensated for lower China sales.

The luxury carmaker reported an 18.3% return on sales with operating profit up 9% to 5.5 billion euros ($5.83 billion), even as it faced added costs of preparing for four upcoming product launches next year.

Its 2023 forecast expects a 17-19% return on sales of 40 to 42 billion euros, betting on the resilience of luxury demand even amid high inflation and an uncertain global economy.

The company had said in late September it expected to hit those forecasts despite interest rate rises and an uncertain economic outlook in China, where it suffered a 12% drop in deliveries from January to September.

Deliveries of its all-electric Taycan sports car grew 11% to 27,885 units, signalling a recovery from supply chain challenges in securing some parts for battery-electric vehicles that had clouded deliveries in the first half.

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