Porsche Group full year revenue rose 7.7% to EUR40.5bn while operating profit was up 7.6% to EUR7.3bn.

Operating return was flat at 18% with the automaker noting that was "despite disruptions to global supply chains, significant inflation and exceptionally high investments in digitalisation, product and innovation portfolios and the brand experience".

"Our strong results are due to the high demand for our attractive products and our strict cost discipline,” said finance head Lutz Meschke.

Chairman Oliver Blume promised: “2024 is going to be a [record] year of product launches.”

Porsche expects operating return on sales of 15% to 17% for full year 2024, assuming revenue of EUR40bn to EUR42bn.