Porsche confirms plan for electric performance SUV, to rival Ferrari Purosangue

Porsche AG expects returns at roughly last year’s record level on the back of attractive models and high prices, provided an already challenging econo
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Porsche’s upcoming electric vehicle will be made on new in-house platform and positioned above its forthcoming battery Cayenne with a focus on automated driving functions.
Porsche’s upcoming electric vehicle will be made on new in-house platform and positioned above its forthcoming battery Cayenne with a focus on automated driving functions.

Porsche AG expects returns at roughly last year’s record level on the back of attractive models and high prices, provided an already challenging economic backdrop doesn’t get much worse. The luxury-car maker’s operating margin is set to reach between 17% and 19% this year, compared with 18% last year, Porsche said Monday. The key profit contributor to parent Volkswagen AG expects revenue to rise to as much as €42 billion ($45.1 billion).

Porsche, Europe’s most valuable carmaker after last year’s blockbuster initial public offering, said it has “well-filled" order books helping to stave off some of the pressure from ongoing supply-chain troubles. The comments chime with other carmakers like BMW AG counting on pent-up demand, with luxury car buyers less affected by record inflation and the threat of recession.

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The shares declined 1.7% in early Frankfurt trading, trimming gains since the start of the year to 18%.

The maker of the 911 sports car, targeting returns of more than 20% over time, also offered more glimpses on plans for a new all-electric high-performance SUV, set to battle with Ferrari NV’s combustion-engine Purosangue that is already on sale. Porsche’s vehicle will be made on new in-house vehicle underpinnings — rather than by VW — and positioned above its forthcoming battery Cayenne with a focus on automated driving functions.

The company is also expanding its unit making special edition cars and high-end trims.

“We are thereby underlining and strengthening our sporty luxury positioning," Chief Executive Officer Oliver Blume said in a statement. “We are observing growing profit pools in this segment, in particular in China and the US."

Porsche is also planning to set up a new Car-IT department, headed by former Daimler digital chief Sajjad Khan. The move follows protracted problems at VW’s Cariad software unit that have delayed several important models, including Porsche’s electric Macan.

Dividend Payment

Porsche is proposing a dividend of €911 million following the company’s partial listing in September, equating to 1 euro per ordinary share and 1.01 euro per preferred share.

Group operating return during 2022 rose to 18% for an operating profit of €6.8 billion. While a record, the result slightly missed expectations.

First Published Date: 13 Mar 2023, 16:31 PM IST
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