Porsche group sales revenue rose 25.5% year on year to EUR10.1bn in the first quarter of 2023.
Operating profit was up 25.4% from EUR1.47bn to EUR1.84bn.
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Operating return on sales was flat at 18.2%.
“Markets around the world remain volatile so we’re all the more satisfied with our figures. The significant growth is due to a number of factors: higher group sales, continued positive pricing and mix effects,” said finance chief Lutz Meschke.
In spite of “challenging circumstances worldwide”, the sportscar maker is sticking with its full year targets of sales revenue of EUR40bn to EUR42bn.
“In the event global challenges do not significantly worsen, we expect a group operating return on sales for fiscal year 2023 in the range of 17% to 19%,” added Meschke. “In the long run, we are aiming for more than 20%.”
Porsche increased deliveries by 18% to 80,767 vehicles in the first quarter.
Porsche Financial Services sales revenue rose to EUR803m from EUR776m.
The inflation related rise in the key interest rate quickly hit finance products and the share of leased and financed new vehicles declined to 41.5% from 45.7%.
PFS operating profit fell to EUR86m from EUR102m due to valuation of interest rate hedges and derivatives.
