UK markets open in 4 hours 27 minutes
  • NIKKEI 225

    28,986.44
    -236.33 (-0.81%)
     
  • HANG SENG

    19,830.21
    -92.24 (-0.46%)
     
  • CRUDE OIL

    88.08
    -0.03 (-0.03%)
     
  • GOLD FUTURES

    1,778.40
    +1.70 (+0.10%)
     
  • DOW

    33,980.32
    -171.69 (-0.50%)
     
  • BTC-GBP

    19,460.29
    -509.76 (-2.55%)
     
  • CMC Crypto 200

    557.41
    -15.41 (-2.69%)
     
  • ^IXIC

    12,938.12
    -164.43 (-1.25%)
     
  • ^FTAS

    4,146.49
    -19.89 (-0.48%)
     

Porsche expects higher returns, China recovery in 2022

·1-min read
FILE PHOTO: The Porsche logo as the reveal of the 2020 Porsche 911 Speedster at the 2019 New York International Auto Show in New York

BERLIN (Reuters) - Volkswagen-owned Porsche expects revenue of 38 billion to 39 billion euros ($38.63 billion to $39.64 billion) in 2022 from 33.1 billion in 2021, the sportscar maker said on Monday, despite registering a 5% drop in deliveries in the first half of the year.

Long-term, the brand is targeting 20% or more return on sales, with a goal of 17-18% for 2022, it said, up from 16% in 2021.

Porsche, which its owner Volkswagen plans to list on the stock market by the end of this year, saw a 5% drop in deliveries in the first half of 2022 with China sales down 16% amid coronavirus-induced lockdowns.

Still, Chief Financial Officer Lutz Meschke said the carmaker expects a stronger second half in China, with Chief Executive Oliver Blume adding June and July sales so far were positive.

($1 = 0.9859 euros)

($1 = 0.9838 euros)

(Reporting by Victoria Waldersee, Editing by Miranda Murray)

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting