Porsche sales were up 13 per cent to 23,442 vehicles in first quarter

Article by Christian A., on April 27, 2011

Porsche AG reported a profit gain for the first quarter of this year, identifying the increased demand for its third-generation Cayenne launched last year as a contributing factor.

Specifically, the company said in its statement on Wednesday that its earnings before tax and interest “more than doubled” to 496 million euros ($728 million). The company did not indicate how much it earned last year. The company’s sales reached 2.28 billion euros, which is a 10 percent increase.

This is the first time that the company released its results for the first quarter after it has shifted to calendar-year reporting to make its operations consistent with Volkswagen AG.

The company’s fiscal year ended on July 31. In addition, the company’s bestselling vehicle model, the Cayenne, obtained record sales of 11,487 vehicles, an increase of 62 percent, during the first quarter. On the other hand, sales for the four-door Panamera dropped to 4,715 units, or 5.5 percent.

Also, the sales of the 911 sports car fell 17 percent to 4,750 units. The company is aiming to double its sales worldwide to 200,000 cars in 2018 by increasing sales in the emerging markets as well as adding new vehicle lineup such as a compact sports utility vehicle.

Earlier this month, Porsche SE obtained funds of 4.9 billion euros in a rights offering, selling 49.9 percent of its car manufacturing unit.

The sale will be utilized to reduce debt and facilitate the automaker’s merger with VW. These two companies had agreed to a merger last 2009 after Porsche incurred a debt of more than 10 billion euros in its failed attempt to obtain control of VW.

On another note, manufacturers of luxury vehicles like Daimler AG's Mercedes-Benz and BMW AG are expecting record demand for this year as spending in the United States are rebounding and wealth in China is increasing.

Topics: porsche, sales

If you liked the article, share on:

Comments

Recommended

Is there anything more exciting than a spoiler? Well, for those who didn't know, there are those who have already seen the Mercedes-AMG Project One (in the flesh) way before...
by - April 25, 2017
Does the Honda Passport ring a bell to you? This was the first ever SUV that was sold by the Japanese automaker, but it was not that successful compared with...
by - April 25, 2017
Wagon buyers who prefer their vehicle to be luxurious, you will have an entirely brand new selection at the latter part of this year. Porsche will start rolling out 4...
by - April 25, 2017
McLaren rejects the idea of creating anything other than a sports car. That means that vehicles that would be ideal for families such as an SUV or a crossover are...
by - April 25, 2017
The new and improved Opel Grandland X is out, and this large SUV is something the European market did not know they would need. Now measuring at 14.7 feet (4.48...
by - April 25, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries