Porsche reaffirmed its targets for 2023 of hitting a return on sales of 17 percent to 19 percent on revenue of 40 to 42 billion euros ($44.1-$48.5 billion). Porsche said its return on carmaking was 18.2 percent in the first quarter.
Operating profit in its financial services arm declined to 86 million euros from 102 million previously, which it attributed to the valuation of interest rate hedges and derivatives as well as the impact of the interest rate rise on financing products.
The maker of the 911 sports car, which remains majority owned by parent Volkswagen Group since last year’s listing, is targeting a move further upmarket to battle Ferrari.
Porsche is planning an all-electric high-performance crossover above its Cayenne, slated for around 2026, as part of a plan to boost operating margins to more than 20 percent.
Bloomberg contributed to this report
