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July 31, 2020

Porsche H1 sales and profit down

Porsche achieved a first half return on sales of 9.9%.

By Olly Wehring

Sales revenue of EUR12.42bn euros was 7.3% on the previous year; return on sales of EUR1.23bn fell by 26.3%.

"The good performance compared to the competition is based on an extensive programme to improve the break even point as well as the successful new Porsche products," the automaker said.

"The current situation has been challenging for our company. We are managing the coronavirus crisis responsibly and systematically, and at the same time see it as an opportunity. We have been given a boost by our attractive new products," said chairman Oliver Blume.

"When it comes to investment in electromobility and digitalisation, we are still in the fast lane," said finance and IT chief Lutz Meschke. "At the same time, we are continuing to pursue our ambitious strategic targets for the return on sales so that we can safeguard jobs in the long term."

Deliveries in the first six months of 2020 fell globally by 12.4% to 116,964 vehicles.

Outlook

"The coronavirus crisis has also not left Porsche unscathed," said Meschke. "In Europe and the US, we suffered a significant downturn in the first half of 2020. In China and other Asian markets like Korea and Japan, things have already been running well again for some weeks."

It is still too soon to make a forecast for the rest of the year, the automaker said.

"We are optimistic that we will be able to offset some of the losses from March, April and May. Of course, this will only be possible if there are no more setbacks due to coronavirus," said Meschke.

Porsche is abandoning its 2020 strategic target of a 15% return on sales.

"But we are making every effort," said Meschke, "to also achieve a double-digit return on sales in 2020."

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