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Porsche in the fast lane

March 14, 2014

German carmaker Porsche has reported staggering sales and profit results, with the VW brand hoping to profit further from a recovery of EU economies. But it said it didn't want to provide an overly optimistic outlook.

https://p.dw.com/p/1BPlB
Porsche Macan production facility in Leipzig, Germany
Image: Reuters

Stuttgart-based Porsche said Friday it earned 1.9 billion euros ($2.63) after tax in 2013, with operating profit amounting to a record 2.6 billion euros, up from 2.4 billion euros in 2012.

The luxury carmaker was able to boost its annual sales by 15 percent to over 162,000 units on revenues totaling 14.3 billion euros.

A look at sales in the first two months of the current year revealed the VW subsidiary was on track for more records in 2014.

"The positive trend is going to intensify in the course of the year," CEO Matthias Müller said in a statement. "Assuming that demand in Europe will pick up despite unresolved structural issues, we aim to achieve an operating profit as high as last year," finance chief Lutz Meschke added.

Pleased employees

Porsche said about 15,000 employees would receive 8,200 euros each in annual bonuses, the highest extra payments ever handed out by the company.

Present it! Porsche Macan

The carmaker used the presentation of the annual earnings report to announce it know knew what caused recent fires in two Porsche 911 GT3 cars in Switzerland and Italy, adding it would make the cause public at a later stage.

The automaker, who had earlier recalled all 785 sold cars of that model, said it was currently checking measures to prevent any malfunction in the future.

hg/hc (dpa, Reuters)