BERLIN (Reuters) – Porsche said on Tuesday it expects its profitability to decline in 2024 as the luxury carmaker focuses on the launch of four new models, after posting annual results in line with expectations despite market volatility.
The group, majority owned by Volkswagen, is targeting an operating margin of around 15% to 17% in 2024, after 18% recorded in 2023.
“In the medium term, we stick to our forecast of an operational return on sales of around 17% to 19%,” Porsche CFO Lutz Meschke said in a statement. “In the long term, we are targeting operational profitability for the group above 20%.”
In 2023, Porsche reported sales of 40.5 billion euros, largely in line with LSEG’s estimates.
With four new launches across its Panamera, Macan, Taycan and 911 model ranges planned for 2024, Porsche said it is preparing for the biggest product launch year in its history.
Earlier this month, its parent company Volkswagen said it expected lower revenue growth in 2024, due to the worsening economic outlook, intensifying competition and increasing costs. costs.
(Reporting Christoph Steitz and Rachel More; Stéphanie Hamel, edited by Blandine Hénault)
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