Porsche is feeling the pinch. Profits at the sports car company sank by 40.6 percent in Q1, dropping from €1.28 to just €0.76 billion ($1.46 to $0.87 billion), newly released financial figures show. Turnover fell 1.7 percent to €8.86 billion ($10.1 billion) and the return on sales plummeted from 14.2 to 8.6 percent in a period where global deliveries dropped 7.9 percent to 71,470.
Porsche had already revealed the sales slip earlier in April, data showing that demand in China took a real beating, deliveries there dropping by 42 percent, and Europe was down 10 percent (including a shocking 34 percent decline in Germany). In contrast, US sales were up 37 percent, but that North American performance wasn’t enough to offset the slowdown elsewhere.
Read Article