Porsche triples profits on strong Cayenne, Panamera Sales
Mar 22, 2011 | 05:00 PM
#1
Thread Starter
| TEAMSPEED.COM
Joined: Oct 2010
Posts: 167
Porsche triples profits on strong Cayenne, Panamera Sales
I saw this article that I thought you would enjoy.
We fell in love with the Panamera when we had one here for Exhaust Development, turns out we weren’t the only ones.
Link to Businessweek Article: Porsche Five-Month Profit Triples on Cayenne, Panamera Sales - Businessweek
We fell in love with the Panamera when we had one here for Exhaust Development, turns out we weren’t the only ones.
Porsche Five-Month Profit Triples on Cayenne, Panamera Sales
March 15, 2011, 2:50 PM EDT
By Andreas Cremer
March 15 (Bloomberg) -- Porsche SE’s car-making division tripled profit in its shortened 2010 fiscal year as deliveries of the Cayenne sport-utility vehicle and Panamera sedan surged.
Earnings before interest and tax for the August to December period rose to 688 million euros ($960 million) from 227 million a year earlier, the Stuttgart, Germany-based company said in an e-mailed statement today. Five-month revenue increased 59 percent to 3.87 billion euros.
Chief Executive Officer Matthias Mueller aims to double global sales to about 200,000 cars and SUVs by 2018, taking advantage of resources at Volkswagen AG following a planned combination with Europe’s biggest automaker. The German sports- car maker’s five-month deliveries rose 57 percent to 40,446 vehicles, Porsche said Feb. 28.
“Porsche is blessed with rising demand from around the world,” Daniel Schwarz, a Commerzbank AG analyst in Frankfurt who recommends buying Porsche stock, said before today’s release. “Production is running close to capacity limits.”
Five-month sales of the Cayenne, Porsche’s best-selling model, doubled to 20,770 SUVs following the introduction last year of the third generation of the model. Deliveries of the four-door Panamera advanced 44 percent to 9,385, while the 911 model increased 13 percent to 6,255.
Porsche is reporting five-month results to shift in 2011 to calendar-year reporting to align its operations with Wolfsburg, Germany-based Volkswagen. Porsche’s fiscal year previously ended on July 31.
Cajun Model
Porsche’s next model, the Cajun compact SUV, will be based on the platform of VW’s Audi Q5 model and may come to market by about 2014. The carmaker’s supervisory board is meeting today and will vote to build the Cajun at Porsche’s Leipzig factory, a person familiar with the matter said last month.
Volkswagen gave Porsche authority last November to run sports-car development across the group. Adding Porsche as its 10th brand may help Volkswagen in its effort to overtake Toyota Motor Corp. in sales and profitability by 2018, Commerzbank’s Schwarz said.
“VW’s vast technology creates new opportunities that Porsche would otherwise not have,” according to Schwarz. “The Cajun may not yield the margin of a Cayenne but Porsche will still make it profitable.”
--Editors: Chad Thomas, Tom Lavell
March 15, 2011, 2:50 PM EDT
By Andreas Cremer
March 15 (Bloomberg) -- Porsche SE’s car-making division tripled profit in its shortened 2010 fiscal year as deliveries of the Cayenne sport-utility vehicle and Panamera sedan surged.
Earnings before interest and tax for the August to December period rose to 688 million euros ($960 million) from 227 million a year earlier, the Stuttgart, Germany-based company said in an e-mailed statement today. Five-month revenue increased 59 percent to 3.87 billion euros.
Chief Executive Officer Matthias Mueller aims to double global sales to about 200,000 cars and SUVs by 2018, taking advantage of resources at Volkswagen AG following a planned combination with Europe’s biggest automaker. The German sports- car maker’s five-month deliveries rose 57 percent to 40,446 vehicles, Porsche said Feb. 28.
“Porsche is blessed with rising demand from around the world,” Daniel Schwarz, a Commerzbank AG analyst in Frankfurt who recommends buying Porsche stock, said before today’s release. “Production is running close to capacity limits.”
Five-month sales of the Cayenne, Porsche’s best-selling model, doubled to 20,770 SUVs following the introduction last year of the third generation of the model. Deliveries of the four-door Panamera advanced 44 percent to 9,385, while the 911 model increased 13 percent to 6,255.
Porsche is reporting five-month results to shift in 2011 to calendar-year reporting to align its operations with Wolfsburg, Germany-based Volkswagen. Porsche’s fiscal year previously ended on July 31.
Cajun Model
Porsche’s next model, the Cajun compact SUV, will be based on the platform of VW’s Audi Q5 model and may come to market by about 2014. The carmaker’s supervisory board is meeting today and will vote to build the Cajun at Porsche’s Leipzig factory, a person familiar with the matter said last month.
Volkswagen gave Porsche authority last November to run sports-car development across the group. Adding Porsche as its 10th brand may help Volkswagen in its effort to overtake Toyota Motor Corp. in sales and profitability by 2018, Commerzbank’s Schwarz said.
“VW’s vast technology creates new opportunities that Porsche would otherwise not have,” according to Schwarz. “The Cajun may not yield the margin of a Cayenne but Porsche will still make it profitable.”
--Editors: Chad Thomas, Tom Lavell
Mar 23, 2011 | 12:32 AM
#5
I give good hugs. Bo, you're first.
Joined: Jan 2010
Posts: 3,160
From: Beyond the lighted stage
I will drive Panamera's for the rest of my life if I can. Love the car.
We went to look at new Cayenne's over the weekend and the dealer didn't have a single one on the lot.
We went to look at new Cayenne's over the weekend and the dealer didn't have a single one on the lot.
Mar 23, 2011 | 12:35 AM
#6
Rolex Fanboy
Joined: Feb 2008
Posts: 8,638
From: In a dream....please don't wake me
I still can't believe how much the Panamera's are. Wow I could have bought 2 of my little S4's with the cost of a standard S variant.
There is only 1 Cayenne on the lot where I bought my Audi as well. It's a small dealer though.
There is only 1 Cayenne on the lot where I bought my Audi as well. It's a small dealer though.
Mar 23, 2011 | 10:04 AM
#7
Teamspeed's Howitzer
Joined: Oct 2009
Posts: 12,273
two different classes of cars mang. One could argue that audi charged too much for a fluffed out A4.
Mar 23, 2011 | 01:01 PM
#8
Teamspeed Senior Member
Joined: Apr 2010
Posts: 270
I dont see Panny's selling anymore around here - Dealer lots are overflowing with all models. My dealer says panny sales are currently dead.
Cayenne's - well, still none around. Makes me want my Turbo that much more....
Cayenne's - well, still none around. Makes me want my Turbo that much more....
Mar 24, 2011 | 01:56 PM
#10
Teamspeed's Howitzer
Joined: Oct 2009
Posts: 12,273
Really?? Interesting..... we (and other dealers I've spoken to) seem to be pretty successful with them. I have noticed that the 'buying' of them comes in phases however. Sort of like S Classes. Some months you'll sell 2, other months you'll sell 8. It is, after all- a $100k sedan. Not 'that' many buyers in the market for such cars.