Porsche on track for 2024: Full-year 2024 forecast confirmed

Porsche AG on track for first nine months of 2024

Recently, Porsche announced its sales figures for the first three quarters, based on the results of its sales figures for the first three quarters.

First, here's a summary of Porsche's announcement:

I would like to see more details on what was announced.

• As expected, a particularly challenging economic environment and the comprehensive refresh of the product portfolio impacted key figures at the end of the third quarter
• Nevertheless, unless assumptions change significantly in the future, we will continue to confirm our full-year 2024 business outlook.

Sales in Q1-Q3 2024 decrease by 5.211 TP1T to €28.56 billion

• Group sales in the first nine months of 2024 amount to 28.56 billion euros (previous year: 30.13 billion euros), down 5.211 TP1T compared to the same period last year
• Group operating profit was 4.04 billion euros (previous year: 5.5 billion euros), down 26.551 TP1T compared to the same period last year
• Group operating profit margin was 14.11 TP1T (previous year: 18.31 TP1T)
• Automotive division net cash flow was €1.24 billion (previous year: €3.39 billion), down 63.421 TP1T

• As expected, the third quarter was the weakest quarter of fiscal 2024.
• However, our quarterly figures and outlook for the remainder of the year give us confidence that we will achieve our ambitious targets for the full year.
• Porsche remains financially strong and profitable even in difficult times
• Earnings per ordinary share for the first nine months were €3.03 (previous year: €4.32); earnings per preferred share were €3.04 (previous year: €4.33)

• 2024 is essentially a year of new product launches for Porsche
• With five of its six model lines updated in just a few months, this indicates strong market potential for the next few years.
• One good example is the Cayenne: the current version will be launched at the end of 2023 and will record an increase of 211 TP1T in the first nine months of 2024.
• Total deliveries in the first nine months were 226,026 units (previous year: 242,722 units).
• China is dealing with structural changes in demand
• The global transition to electric vehicles is proceeding more slowly than initially expected, leading Porsche to reassess its product range and ecosystem, as well as its budget and cost position.
• All for greater flexibility and resilience
• Following a "value over volume" strategy, we will consistently focus on aligning supply and demand.
• This is particularly important in the continuing challenging Chinese market

Forecast remains stable despite challenging environment

• Despite the overall challenging situation, Porsche is reaffirming its forecast for the full year 2024, barring a significant deterioration in preconditions
• The forecast is based on the following figures:
  • Sales of 39-40 billion euros
  • Operating profit margin is 14-15%
  • Automotive division net cash flow is 7-8.5%
  • Automotive EBITDA margin is 23-24%
  • BEV share is 12-13%

Porsche reassessing EV plans: considering internal combustion engine and hybrid versions

In addition, recent reports have said that Porsche CFO Lutz Meschke said in a media conference call that "future electric models may offer internal combustion engine (ICE) or hybrid options depending on customer needs."

This statement is a response to declining sales of the Taycan in particular, and seems to be a flexible approach across Porsche's entire model lineup, but even so, I don't think that a hybrid or ICE version of the Taycan will suddenly be released.

What is considered is that it will not be EV only, but will be a continuation of the ICE/hybrid 718, Cayenne, and Macan, which are said to be announced in the future.SUV model larger than the Cayenne (K1)I wonder if this will also be available for ICE/hybrid.

Disclaimer:

This press release contains forward-looking statements and information that reflect Dr. Ing. hc F. Porsche AG's current views about future events. These statements are subject to many risks, uncertainties, and assumptions. They are based on assumptions relating to the development of the economic, political, and legal environment in individual countries, economic regions, and markets, and in particular for the automotive industry, which we have made on the basis of the information available to us and which we consider to be realistic at the time of publication. If any of these risks and uncertainties materializes or if the assumptions underlying any of the forward-looking statements prove to be incorrect, the actual results may be materially different from those Porsche AG expresses or implies by such statements. Forward-looking statements in this presentation are based solely on the circumstances at the date of publication.We do not update forward-looking statements retrospectively. Such statements are valid on the date of publication and can be superseded. This information does not constitute an offer to exchange or sell or an offer to exchange or buy any securities. 

Source:
◆(Official)Porsche remains on course and confirms forecast for full year 2024
◆Porsche Changes EV Plan, Will Give Electric Models ICE Powertrains Too

Related article:
◆Porsche worldwide sales in the third quarter of 2024 (Q1-Q3)
◆Porsche AG: First half of 2024 results and future forecast revisions
◆Porsche cuts 2020 outlook, shares fall by biggest ever; production may be halted for weeks

◆Porsche sales in North America Q3 2024
◆Porsche's goal of making 80% of its new car sales fully electric by 2030 is unclear

◆Porsche's 7-seater SUV called "K1" in Porsche

Rika (911supercars.com)

I'm Rika, the author of this article. Ever since Porsche 911 became my favorite car, I've become totally addicted to Porsche, and I can't stop loving Porsche, so I started this blog. My favorite cars are 911 Carrera (991.2), 911 Carrera Cabriolet (992.1), and 911 Carrera T (992.1).