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2020/04/30 | Stuttgart | Company | Press Release

Sports car manufacturer remains committed to investments in the future

Porsche: Profits dip comparatively moderately

Stuttgart. Porsche confronts the effects of the corona crisis in the first three months of 2020: The company’s operating result fell by 34 percent at €0.6 billion (around 0.65 billion dollars) as compared to the previous year. The return on sales was 9.5 percent. Deliveries were down by 5 percent. The company handed over 53,125 vehicles to customers by the end of March. Since the beginning of the year, the workforce grew by one percent to 35,866 employees.

“At €6 billion, the company was even able to achieve a slight increase in sales revenues as compared to the previous year”, said Lutz Meschke, Deputy Chairman of the Executive Board at Porsche AG and Member of the Executive Board responsible for Finance and IT. “This was due to a positive model mix, and the business units besides the car business also developed positively.” As a result of the corona crisis, a drop in volume and costs related to continued high investments in electrification and digitalization both worked against the positive developments. In addition to these costs was an increase in overheads from the introduction of new models – particularly the all-electric Taycan. Due to the corona crisis, these expenditures were not able to be offset by increased earnings in the first quarter.

“The global corona crisis is a major challenge for Porsche. It is important to maintain an essentially optimistic overall approach and systematic management, so that when the crisis is over work can be resumed at full speed. We are committed to our investments in the future in terms of electrification and the digitalization of our cars,” said Oliver Blume, Chairman of the Executive Board of Porsche AG. “In times like these, it is also our intention to be true to our social responsibility. We are helping with donations and supporting the government with, for example, the procurement of medical protective equipment. Beyond that, many of our employees are volunteering their services.”

“We are determined to make responsible decisions in response to the crisis, and to see it as an opportunity,” said Meschke. “Now we are concentrating completely on managing costs, liquidity, and cashflow, in order to protect our business and to be prepared to return to fully implementing our strategy when the crisis is behind us.”

Note: Image material in the Porsche Newsroom newsroom.porsche.com/en and in the Porsche press database press.pla.porsche.com.
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Elizabeth Solis

Porsche Latin America, Inc.

+1 770 290 8305

Text

English (Porsche Latin America)

Archived

S20_1592

2020/04/30

    • Company
    • Press Releases
    • Finance Communication
    • Dr. Ing. h.c. F. Porsche AG
    • Lutz Meschke, Member of the Executive Board, Finance and IT
    • Oliver Blume, Chairman of the Executive Board of Dr. Ing. h.c. F. Porsche AG

Porsche: Profits dip comparatively moderately

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