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Thursday, May 19, 2022

Porsche posts record numbers and welcomes IPO review

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Stuttgart (dpa) – Sports car manufacturer Porsche set records in 2021. CEO Oliver Blume described last year as “the most successful in Porsche history”.

As the company announced when the annual report was presented in Stuttgart on Friday, sales and operating results reached new highs. Consequently, sales grew by 15 percent to 33.1 billion euros. Operating profit rose 27 percent to 5.3 billion euros. The end result was a profit of four billion euros in 2021, after 3.2 billion euros the previous year.

Strategically, operationally and financially, Porsche is excellently positioned, said CFO Lutz Meschke. “That is why we look to the future with confidence, and welcome the consideration of an IPO for Porsche AG,” says Meschke. “In this way, Porsche could sharpen its profile and increase entrepreneurial freedom.” The company is seen as a comeback pearl for the VW Group and should be listed on the stock market before the end of this year, with feasibility tests underway.

In view of the war in the Ukraine, Porsche views the clashes with great concern and dismay. In early March, Porsche announced that it would suspend its business in Russia due to the war against Ukraine. The war is having an impact on supply chains and in some cases orderly production is no longer possible. Last week, Porsche temporarily halted production of its Taycan electronic sports car in Stuttgart-Zuffenhausen because of missing components.

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