Porsche leaves credit crisis in rear view mirror
By Emma Thelwell
Last Updated: 11:41am GMT 28/11/2007![[FONT=verdana,geneva"]](/forum/styles/default/pcgb/space.gif ". [FONT=verdana,geneva\"]")
Luxury carmaker Porsche has revved up revenues by 15pc since the beginning of August, leaving the credit crisis in its rear view mirror, thanks to soaring sales of the new Cayenne.
The Cayenne Turbo is proving a big winner for Porsche despite the financial turmoil.
The German carmaker has lifted sales of the Cayenne by 76pc in the last four months, with more than 13,000 being snapped across the globe.
Porsche also increased production of its 911 to record levels and employed an extra 11,571, or 1.6pc, in the period.
Porsche said that overall sales in North America continue to grow and it now expects a near-on 14pc rise for the period.
The company is confident of further global growth, anticipating sales of Euro 2.36bn for the four months to mid-November - up on last year's Euro 2.06bn.
Wendelin Wiedeking, the group's chief executive, said: "We see a strong and stable starting point.
This positive outlook is based on the ongoing expansion of our sales network in new markets as well as the enlargement of our model range."
The news came as Porsche reported record revenues and sales for the year to the end of July, after delivering a total 97,515 cars to customers - up 0.7pc on the previous year. Group revenues jumped 3.4pc to new all-time high of Euro7.37bn.
Porsche said it benefited from the re-valuation of its 31pc stake in Volkswagen - which resulted in a one-off payment of Euro520.8m.
The carmaker is hedged against the dollar, a position it said was "once again positive, but no longer reaches the previous year's level".
It also revealed plans to propose a 1:10 share split to shareholders at its annual general meeting on January 25, 2008.
By Emma Thelwell
Last Updated: 11:41am GMT 28/11/2007
Luxury carmaker Porsche has revved up revenues by 15pc since the beginning of August, leaving the credit crisis in its rear view mirror, thanks to soaring sales of the new Cayenne.
The Cayenne Turbo is proving a big winner for Porsche despite the financial turmoil.
The German carmaker has lifted sales of the Cayenne by 76pc in the last four months, with more than 13,000 being snapped across the globe.
Porsche also increased production of its 911 to record levels and employed an extra 11,571, or 1.6pc, in the period.
Porsche said that overall sales in North America continue to grow and it now expects a near-on 14pc rise for the period.
The company is confident of further global growth, anticipating sales of Euro 2.36bn for the four months to mid-November - up on last year's Euro 2.06bn.
Wendelin Wiedeking, the group's chief executive, said: "We see a strong and stable starting point. This positive outlook is based on the ongoing expansion of our sales network in new markets as well as the enlargement of our model range."
The news came as Porsche reported record revenues and sales for the year to the end of July, after delivering a total 97,515 cars to customers - up 0.7pc on the previous year. Group revenues jumped 3.4pc to new all-time high of Euro7.37bn.
Porsche said it benefited from the re-valuation of its 31pc stake in Volkswagen - which resulted in a one-off payment of Euro520.8m.
The carmaker is hedged against the dollar, a position it said was "once again positive, but no longer reaches the previous year's level".
It also revealed plans to propose a 1:10 share split to shareholders at its annual general meeting on January 25, 2008.
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