Reported about 6 hours ago
Porsche has revised its profitability goals downward after experiencing a significant decline in earnings due to dropping sales in China. The luxury car manufacturer now anticipates a return on sales of 15% to 17%, down from an earlier goal of up to 19%. The company is facing challenges like model delays and supply chain disruptions, prompting a move back to combustion engine models and job cuts. In 2024, Porsche reported a 23% drop in operating profit and a slight decrease in sales, while maintaining a long-term margin goal of over 20%.
Source: YAHOO