Porsche earns money in the United States even without currency hedges that flatter its results, chief executive Wendelin Wiedeking was quoted as saying, according to a Reuters report.
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“The market in the United States is very large. We could do even more there,” Germany’s Boersen-Zeitung newspaper reportedly quoted him as saying in an interview to be published on Tuesday, suggesting it was under-represented there compared with parts of Europe.
Reuters noted that North America is Porsche’s most important market by far – sales there rose 3.7% in its 2004/05 fiscal year to 33,974 vehicles.
The paper reportedly said Wiedeking reiterated that Porsche aimed in the medium term to sell 100,000 vehicles a year around the world with its existing three model series.
He reportedly said it had generated around 84,000 unit sales and €6.8 billion ($US8.3 billion) in revenue in its fiscal year to July 2005. It sold 76,827 units in its previous fiscal year.
According to Reuters, Wiedeking also said Porsche’s €2.8 billion ($3.43 billion) in liquidity gave it the power to make investment decisions on its own, such as building its recently announced fourth model line, a four-door sports car.
“In addition it is reassuring to have a safety cushion,” he reportedly said, adding it was important to keep liquidity as high as possible in case of unforeseen events as well as for the strategic leeway this afforded.
