Audi updating Q5 cyber etc with NA engine - Porsche must regret not planning same with Macan.
Also
Porsche reagiert auf den schleppenden Absatz von Elektro-Sportwagen: Alarmiert von einem Gewinneinbruch, will das Management wieder mehr Modelle mit Verbrenner-Motor ausstatten. Dafür nimmt die VW-Tochter auch 2025 ein geringeres operatives Ergebnis in Kauf.
www.n-tv.de
Google translate:
‘Porsche is reacting to the sluggish sales of electric sports cars: Alarmed by a drop in profits, the management wants to equip more models with combustion engines. In return, the VW subsidiary also accepts a lower operating result in 2025.
The Stuttgart-based sports car manufacturer Porsche AG is seting up a savings and investment program after a profit collapse and is accepting further loss of earnings this year. The Management Board had "decided on extensive measures to strengthen the company's short- and medium-term profitability," the Volkswagen subsidiary announced in the evening. Among other things, more Porsche models are to be equipped and built with internal combustion or plug-in hybrid engines after the business with electric sports cars is slow. "Adadments in the corporate organization" are also planned. A significant additional effort is to be expected for vehicle development and battery business. All in all, the operating result will be reduced by around 800 million euros.
ECONOMICS02.02.25
"Internaa there is pure panic"Porsche wants to part with two top managers
Porsche expects lower sales and plans to have stagnant sales of 39 to 40 billion euros. In 2023, it was still 40.5 billion. The operating return on sales will decrease to ten to twelve percent in 2025. Last year, it was at the lower end of the planning already reduced in the summer, i.e. at about 14 (2023: 18) percent. This results in an operating result of EUR 5.5 to 5.6 billion for 2024. That would be a decrease of about a quarter.
Family holding expects loss of value
The dividend is expected to remain approximately at the previous year's level. For 2023, Porsche had distributed 2.30 euros per ordinary share and 2.31 euros on the listed benefits. Majority shareholder VW, which, like Porsche AG, is managed by Oliver Blume, did not want to comment on the plans.
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The second major shareholder, the listed family holding company Porsche SE, expects a greater loss of value of its stake as a result of the business figures and the sports car manufacturer's plans. Instead of one to two billion euros, the share package is expected to be devalued by 2.5 to 3.5 billion euros. At Volkswagen, it will amount to a write-off of approximately 20 billion euros.
Last year, the cash flow return in the automotive business was above its own plans, Porsche AG explained: at just over ten (2023: 10.6) percent - the Executive Board had promised 7.0 to 8.5 percent. This is partly due to the reduction in inventories in the fourth quarter and positive special effects at the end of the year.’
Blume has ended up with his ex-CFO’s NA/EV position..