Porsche AG profit doubles in the first quarter of 2021

a car parked on the side of a road: Porsche AG profit doubles in the first quarter of 2021 © Gajanan Kashikar Porsche AG profit doubles in the first quarter of 2021

Porsche AG has reported that it has achieved an operating result of €1.2 billion in the first quarter of 2021 and it was more than double the last year’s total €572 million in the same phase. Besides, Porsche said that the Macan was the highest selling model in terms of delivery in the first quarter of 2021.

The brand further explained that the sales revenue raised from €6 billion in the previous quarter to €7.7 billion which depicts growth of 28 percent. On the other hand, the profit on sales grew from 9.5 to 16.2 percent.

Meanwhile, Porsche India managed to sell 154 cars within three months of the beginning of this year while profit on sales skyrocketed by 52 percent. It is said to be the best quarterly sales performance of Porsche India in the past seven years.

“We have started the year very well and expect that we will once again achieve our strategic goal of a 15 per cent return on sales in the fiscal year 2021,” said Lutz Meschke, Deputy Chairman and Member of the Executive Board of Finance and IT at Porsche AG. He further added, “Reaching this benchmark is an even greater achievement because we are investing significantly more compared with the past in electrification, digitalisation and also sustainability. Our quarterly numbers show that we are positioned very well – both in terms of our cost and revenue structure and also with our model range.”

Porsche AG has also reported that it delivered just under 72,000 cars globally from January to March this year which translates to an increase of 36 percent overall in comparison to the previous year. Additionally, the Macan was delivered to 22,458 customers, which made it the most popular model of that quarter. Besides, Porsche managed to sell 9,072 units of the all-electric Tyacan, and it almost outsold the brand’s iconic 911 that was handed over to 9,133 customers.

Oliver Blume, Chairman of the Executive Board at Porsche AG said, “We will sell significantly more Taycan cars this year than in 2020. In the first quarter, deliveries of our successful all-electric model were already almost half of the total for all of 2020. A particularly pleasing fact here is that around 50 per cent of the buyers are new customers. The Taycan is therefore increasing the size of our fan base.”

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Porsche AG profit doubles in the first quarter of 2021