In spite of strong sales for the new 911, Porsche is now a successful sedan and truck company.
While makers of common cars struggle in Europe with the ongoing effects of the Great Recession, the party is just beginning in the sports car market. That is, if the strong Q3 results of Porsche AG is any indication. Porsche AG has boosted its sales by 28% to €10.15 billion in the first nine months of the 2012 fiscal year. Sales increased by 20% to 103,245 vehicles. The operating profit rose by 23% €1.88 billion euro. Porsche’s operating profit margin of 18.5% is among the best in the auto business, or at least at publicly held companies.
In the face of the ongoing Eurozone crisis – where regional unemployment in western countries could reach 25% this year, Porsche has benefited from the unequal distribution of wealth among the rich who like expensive automobiles, and from its ongoing internationalization.
“We have almost matched the results of the entire previous year after only nine months in 2012. And we definitely expect to outperform the 2011 record year in terms of sales, revenue and operating profit,” said Lutz Meschke, Porsche AG’s chief financial officer.
The sports car maker sold 24,859 vehicles in China in the first nine months of the 2012 fiscal year, 35.4% more compared to the same period of the prior year. The growth in the entire Asia and rest of the world region added up to 25.1%, at 41,212 units. In Russia, sales rose by 70%, to 2,628 vehicles.
Porsche expand in the German market as well, up 14.2% to 11,905 units. The increase in Europe totaled 13.2%, with 34,656 vehicles sold. The United States remained the largest single market for Porsche. From January to September Porsche sold 24,982 vehicles or + 22%.
The new 911 continued its winning ways with 19,261 sold vehicles for a 40% increase year-over-year. Porsche remains a truck maker though since the model series with the largest volume was the Cayenne with 54,860 units and a growth rate of 24.9%. Sedans too outsold any individual sports car with the number of Panamera 4-doors reaching 21,713 (+15.8%).
Within the Boxster model series, the new generation Boxster roadster on sale since April achieved a growth of 3%, at 5,817 vehicles. The market launch of the new Cayman generation is upcoming, which is probably the main reason why sales of the Boxster model series have declined by 21%, to 7,411 Boxster and Cayman mid-engine sports cars.
Porsche production rose by 18%, to 111,076 vehicles, in the first nine months of 2012. The 911 accounted for 19,980 units of the total (an increase of 27.2%), the Cayenne for 60,380 vehicles (a plus of 30.6%) and the Panamera for 21,854 vehicles (a rise of 3.0%). Of the 8,862 sports cars of the Boxster model series produced, the Boxster itself accounted for 8,056 units and the Cayman for 806 vehicles.
The number of people employed at Porsche also grew over the course of the year. With 17,066 persons employed as at 30 September 2012, exactly 11.5% more employees were on board than 1 January.
