Porsche Automobil Holding SE (POAHF)
- CNN Business
The iconic Porsche 911 is going hybrid
Porsche is set to unveil one of the biggest changes to its signature model. A hybrid Porsche 911, with its gas engine assisted by at least one battery-powered electric motor, will officially be revealed in an online event on May 28.
- Reuters
Porsche AG posts Q1 profit drop on ramp-up costs
FRANKFURT (Reuters) -Porsche on Friday reported a 30% drop in first-quarter operating profit, citing higher investments in what the German luxury carmaker has called its biggest year of product launches in history. Operating profit in the first three months of 2024 came in at 1.28 billion euros ($1.37 billion), in line with an LSEG estimate, while sales for the period stood at 9.01 billion, beating the 8.77 billion forecast. "In a challenging environment, we are staying on course and resolutely pursuing our strategy," Porsche AG CEO Oliver Blume, who also heads Porsche's parent Volkswagen, said in a statement.
- Reuters
Volkswagen holds keys to Porsche's race against Ferrari
Porsche AG's ability to close a hefty valuation discount to top rival Ferrari could hinge on whether its main owner, Volkswagen, is prepared to take a step back, giving the German sports car maker more freedom to cut costs and shape its future. The maker of the iconic 911 has started the seventh quarter since its listing with a discount to Ferrari on a price-to-earnings (PE) basis just off a record 69%, disappointing hopes it could command a luxury-like valuation. 2024 is shaping up to be a transition year, as Porsche AG launches several new models, keeping a lid on margins ahead of a more promising 2025 for the company that is 75.4% owned by Volkswagen.
