Porsche reaffirmed its targets for the full year 2023. The assumption for Group sales revenue ranges from €40 to €42 billion euros. “In the event that global challenges do not significantly worsen, we expect a Group operating return on sales for fiscal year 2023 in the range of 17% -19%,” said Lutz Meschke, Deputy Chairman of the Executive Board and Board Member for Finance and IT at Porsche AG. “In the long run, we are aiming for a Group operating return on sales of more than 20%.”

Porsche Financial Services (PFS) also grew in Q1. Sales revenue rose to €803 million (€776 million). However, interest rate increases hurt financing products. The share of leased and financed new vehicles declined to 41.5% (45.7% percent). PFS’s operating profit declined to 86 million euros €102 million euros). The downturn is primarily the result of the valuation of interest rate hedges and derivatives.