WOLFSBURG, Germany—Porsche AG expects sales to rise to as much as 42 billion euros ($45 billion) in 2023 after the luxury carmaker sped to record earnings and revenue in its first year since its initial public offering, as it boosted car deliveries. Chief Financial Officer Lutz Meschke, however, warned that supply chain issues, geopolitical strains,…
Porsche Sees Strong 2023 as 9-Month Profits Soar
BERLIN—Porsche reported a 40.6 percent leap in operating profit to more than 5 billion euros ($5 billion) in the first nine months of 2022 and predicted a strong 2023 as its ability to raise prices protected it from the costs of supply chain snags. Still, the carmaker did not raise its annual margin outlook from…
Porsche Overtakes Volkswagen as Europe’s Most Valuable Carmaker
BERLIN—Porsche took pole position as Europe’s most valuable automaker on Thursday, overtaking former parent Volkswagen as the price of the sportscar maker’s newly-listed shares sped higher. Although Porsche shares had fallen below its listing price on Monday to 81 euros, in line with a wider fall in markets, they rose to 93 euros ($91.95) earlier…
Porsche IPO Poised to Price at Top End of Range: Bookrunners
BERLIN—Porsche AG shares are poised to price at the top end of the previously announced range, potentially valuing the sports car brand at up to 75 billion euros ($72 billion) in one of Europe’s biggest ever listings. Several bookrunners involved in the deal said Porsche’s books were covered multiple times ahead of the company’s market…
Investors Mixed as Porsche Seeks Price Tag of Up to $75 Billion
BERLIN—Volkswagen shares hovered around breakeven on Monday, reflecting a mixed response from investors to the automaker’s listing plans for sports car brand Porsche AG in what could be Europe’s third biggest initial public offering. Volkswagen said on Sunday it was aiming for a valuation of 70 billion-75 billion euros ($70–75 billion) for Porsche AG, slightly…
Volkswagen Keeps Outlook, Says Porsche IPO on Track
BERLIN—Volkswagen said it expected to hit the high end of its profit target range for 2022 as supply chain bottlenecks ease and said it was still aiming to list the Porsche brand this year despite its CEO double jobbing as boss of both companies. Volkswagen shares rose 2.4 percent on Thursday following the second quarter…
Volkswagen Still Optimistic for Q4 Porsche IPO: CFO
MUNICH—Despite market volatility, Volkswagen is still working toward an initial public offering (IPO) for Porsche in the fourth quarter that would give the luxury brand more freedom, the German carmaker’s finance chief said on Wednesday. “We are optimistic we can pursue this project in the fourth quarter,” Chief Financial Officer Arno Antlitz said at the…
Porsche to Pay $80 Million to Resolve Fuel Economy Claims on U.S. Vehicles
Volkswagen AG and its Porsche AG unit have agreed to a class-action settlement worth at least $80 million to resolve claims it skewed emissions and fuel economy data on 500,000 Porsche vehicles in the United States, court documents show. The settlement, filed in U.S. District Court in San Francisco, must be approved by a federal…
Porsche Sales Decline in First Quarter, Company Cautious Heading Into Q2
Porsche’s first-quarter sales declined by 5 percent as the company struggled with the resurgence of the COVID-19 pandemic in certain parts of the world and persistent supply chain issues. During the January–March 2022 period, Porsche sold 68,426 vehicles worldwide as compared to 71,986 vehicles during the same period last year, according to an April 14…
Ukraine Could Affect Porsche IPO Plan, Top VW Shareholder Says
March 30, 2022
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BERLIN—Top Volkswagen shareholder Porsche SE supports plans to list luxury sportscar maker Porsche AG but the conflict in Ukraine could affect the timing of the proposed IPO, the holding company said on Tuesday. Volkswagen aims to conduct the Porsche initial public offering (IPO) in the fourth quarter of 2022, though that may change if the…
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