As a former European Automotive correspondent for Reuters, I’ve a spent a few years writing about the industry. I will penetrate the corporate hype and bluster and find out how these gigantic enterprises are really doing. I also love to drive their magnificent machines, and their more modest ones. I’ll be telling you if the technology works, too.
Porsche ’s operating profit fell about 20% in the first half of 2024 to €3.06 billion compared with the same period last year. Sales slid about 5% to €19.5 billion . Porsche said sales were hit by a slump in China , while electric vehicle sales disappointed. Production was disrupted by flooding at an aluminum supplier.
Porsche, a VW subsidiary, was listed on the stock market nearly two years ago at €82.50, and according to the Financial Times Lex column, were valued about halfway between premium manufacturers like Mercedes and BMW and supercar maker Ferrari. Since the launch, Porsche share values have slipped down close to the German valuation and away from the Italians.
“We believe the brand has significant potential in terms of improved price and mix, but execution remains a risk,” HSBC Global said in a report. “Beyond 2024, management sees margins back in the 17-19% range in 2025 and still believes 20% is achievable long term. We remain impressed by Porsche’s ability to command and maintain price premiums to its German peers, and despite the challenges, we see no evidence that the products have lost their appeal,” HSBC Research said.
VW Ferrari Aluminum HSBC Global Research Financial Times Bernstein Mercedes BMW China
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