Porsche’s year just gets better and better. Four weeks ago the company floated on the stock market, earning a robust €75 billion ($75 bn) valuation and a tidy €19.5 billion ($19.5 bn) payout, half of which goes to parent company VW to spend on electric cars. And now we hear that profits in the first nine months of 2022 are up by a staggering 41 percent.
Operating profit at the Stuttgart firm climbed from €3.59 billion ($3.59 bn) to €5.05 billion ($5.05 bn) and sales revenue grew almost 16 percent from €23.12 billion ($23.12 bn) to €26.74 billion ($26.74 bn). What’s interesting is that Porsche achieved those numbers without selling a gazillion extra cars and while the automotive sector struggled with the limited supply of semiconductors, a problem that crippled many other brands. Deliveries did go up, but only by 2 percent, from 217,198 to 221,512.
So what was Porsche’s secret? The company claims it earned more money per vehicle and was also helped by other factors including changes in exchange rates. Sales of the 911 – Porsche’s most profitable and iconic car – rose by 9 percent to 30,611, helping to fatten up the company’s profit.
“Despite significant global challenges, Porsche has achieved compelling financial growth during the first nine months of 2022,” said Lutz Meschke, a Porsche suit with a very long, boring job title.
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“In this volatile and difficult market environment we are demonstrating our ability to operate profitably, in particular through cost discipline and an attractive product mix. At the same time, we are decisively pushing ahead with our modern luxury strategy.”
Unfortunately for Porsche, the electric Macan that forms part of that strategy has been delayed until 2024 due to problems with VW Group-owned software company, Cariad, and it also looks like the final quarter of 2022 might be more challenging. So maybe 2022 won’t go down as a perfect year for Porsche, but it’s definitely going to be one to remember.