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☆ Porsche CFO: Expect significant growth in high-net-worth individuals in China
▼ + stars: | 2024-03-12 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailPorsche CFO: Expect significant growth in high-net-worth individuals in ChinaPorsche Chief Financial Officer Lutz Meschke speaks to CNBC’s Annette Weisbach at the carmaker’s facility in Leipzig, Germany.

Persons: Lutz Meschke, CNBC’s Annette Weisbach Organizations: China Porsche Locations: China, Leipzig, Germany

☆ Porsche warns of fall in profitability but hikes dividend on strong 2023 results
▼ + stars: | 2024-03-12 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

The Porsche Mission X on display at the IAA Mobility 2023 show in Munich, Germany. Porsche on Tuesday warned that profitability will decline this year as it launches new models amid tough economic conditions, but hiked its dividend on the back of a rise in 2023 operating profit. Porsche's sales revenue rose 7.7% in 2023 to 40.53 billion euros ($44.29 billion), the company announced, while operating profit jumped 7.6% to 7.28 billion euros. "Porsche proved in 2023 that we are resilient, highly profitable and financially robust even in volatile times. Sales are expected to come in between 40 billion and 42 billion euros in full-year 2024.

Persons: Oliver Blume, Lutz Meschke Organizations: Porsche, Volkswagen Locations: Munich, Germany

Oct 30 (Reuters) - 3D metal-printing startup Seurat Technologies on Monday hinted at potentially going public in the medium-term and said it had raised $99 million in a funding round co-led by chip designer Nvidia's (NVDA.O) venture capital arm. With the latest series C funding round, the company's valuation will approach $350 million, said a source who asked not to be named. The fundraise, co-led by Nvidia's NVentures and Capricorn's Technology Impact Fund, brought in new investors Honda Motor (7267.T) and Cubit Capital. Existing backers including Porsche and venture capital units of Xerox Holdings (XRX.O) and General Motors Co (GM.N) also participated. "Seurat's local factory deployment model provides the industry with a solution to near-shore manufacturing and to increase the resiliency of supply chains," said existing investor Porsche Automobil Holding's (PSHG_p.DE) board member Lutz Meschke.

Persons: Seurat, James DeMuth, Nvidia's NVentures, Porsche Automobil, Lutz Meschke, Akash Sriram, Devika Organizations: Technologies, Reuters, Technology, Honda Motor, Cubit, Porsche, Xerox Holdings, General Motors Co, Siemens Energy's, Thomson Locations: China, Massachusetts, Bengaluru

☆ Porsche to raise prices further as profits jump
▼ + stars: | 2023-05-03 | by ( ) www.reuters.com time to read: +1 min

BERLIN, May 3 (Reuters) - Luxury carmaker Porsche (P911_p.DE) will raise prices by 4-8% in Europe and the U.S. in the second half to combat higher costs that weighed on returns in the first quarter, even as profits and revenue jumped by over 25%, it said on Wednesday. Porsche listed on the stock market in September last year, splitting from its former parent Volkswagen (VOWG_p.DE) - a decision Meschke said was leading to higher speed in decision-making on products and hiring. The company reported revenue of 10.1 billion euros in the first quarter of 2023 and operating profit of 1.84 billion euros, beating expectations of three analysts polled by Refinitiv. 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. ($1 = 0.9060 euros)Reporting by Victoria Waldersee; Editing by Maria SheahanOur Standards: The Thomson Reuters Trust Principles.

Chief Financial Officer Lutz Meschke, however, warned that supply chain issues, geopolitical strains and rising inflation still presented a challenge for the industry. Porsche AG, historically a huge money spinner for the Volkswagen Group (VOWG_p.DE), which owns 75% minus one ordinary share of the group, is targeting a margin of 17-19% this year with a long-term goal of 20%, it said in a statement. Porsche reported a 27.4% rise in annual operating profit to 6.8 billion euros on revenue of 37.6 billion, slightly undershooting a consensus 6.86 billion in earnings and 38.3 billion in revenue expected by 19 analysts polled by Refinitiv. The logo of German carmaker Porsche AG is seen before the company's annual news conference in Stuttgart, Germany, March 17, 2017. He also said the company was investing 20 billion euros in digitalisation in the next five years.

Luxury automaker Porsche AG issued an ambitious long-term outlook of more than 20% of return on sales, after posting record 2022 earnings on Monday on the back of higher deliveries. The company is proposing a dividend of 1.00 euro per ordinary share and 1.01 euros per preferred share. Meschke added, "In the long run, we are aiming for a Group operating return on sales of more than 20 per cent." Porsche represents a substantial portion of revenues for Volkswagen Group, and overtook Volkswagen as Europe's most valuable carmaker during its first week on the German stock market after listing on Sep. 29 last year. Volkswagen still owns 75% minus one ordinary share of Porsche's total share capital.

☆ Google, Porsche in talks over Google Apps access
▼ + stars: | 2023-01-12 | by ( ) www.reuters.com time to read: +2 min

The deal, which is only being considered for the Porsche brand and not the Volkswagen Group more widely, would enable Porsche customers access to Google applications like Google Maps and Google Assistant without needing to connect the car to an Android phone. Spokespeople for Porsche and Google were not immediately available for comment. A spokesperson for Volkswagen software unit Cariad declined to comment. Porsche had previously been reluctant to use Google software because Google asked for too much data to be shared, according to Manager Magazin, which first reported the talks. Carmakers including General Motors, Renault, Nissan and Ford use embedded Google technology in their vehicles via a Google Automotive Services (GAS) package, offering features like Google Maps, Google Assistant and other applications.

☆ Porsche posts 40% jump in nine-month operating profit
▼ + stars: | 2022-10-28 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Oct 28 (Reuters) - Porsche (P911_p.DE) reported a 40.6% leap in operating profit to more than 5 billion euros ($4.99 billion) on revenue up 15.7% in the luxury carmaker's first results since its stock market listing in late September. Nevertheless, we were able to successfully list Porsche and get off to a flying start," said finance chief Lutz Meschke. Porsche, a huge money spinner for the Volkswagen (VOWG_p.DE) group, overtook its former parent as Europe's most valuable carmaker after the listing. Its shares stood at 99 euros by Thursday's close, up from a listing price of 82.50 euros. In the short term the cost of the listing and the impact of suspending business in Russia has pushed down Volkswagen's third-quarter earnings by 1.6 billion euros, results released on Friday showed.

☆ Investors mixed as Porsche seeks price tag of up to $75 billion
▼ + stars: | 2022-09-19 | by ( Victoria Waldersee | ) www.reuters.com time to read: +5 min

Volkswagen said on Sunday it was aiming for a valuation of 70 billion-75 billion euros ($70-75 billion) for Porsche AG, slightly below some estimates of up to 85 billion euros, but far outstripping the 49-billion-euro price tag for rival BMW (BMWG.DE) and Mercedes-Benz's (MBGn.DE) 61 billion euros. "It is fundamentally right that Porsche AG becomes more independent - but this is not an independent set-up." Volkswagen's valuation for Porsche AG is close to its own market capitalisation of 88 billion euros. Analysts have compared Porsche AG stock to Ferrari, which has a market capitalisation of 38 billion euros but an operating margin of 24% to Porsche's 17-18%. Total proceeds from the sale will be 18.1-19.5 billion euros and could help Volkswagen fund its electrification drive.

☆ Volkswagen shares dip as it values Porsche at up to $75 bln
▼ + stars: | 2022-09-19 | by ( Victoria Waldersee | ) www.reuters.com time to read: +5 min

"It is fundamentally right that Porsche AG becomes more independent - but this is not an independent set-up." Shares in Porsche SE (PSHG_p.DE), Volkswagen's largest shareholder which will take a big stake in Porsche AG, were 2.42% higher, topping Germany's DAX blue-chip index (.GDAXI). read moreVolkswagen said on Sunday it would price preferred shares in the flotation of Porsche AG at 76.50-82.50 euros per share. Analysts have compared Porsche AG stock to Ferrari (RACE.MI), which has a market capitalisation of 38 billion euros but an operating margin of 24% to Porsche's 17-18%. Total proceeds from the sale will be 18.1 billion to 19.5 billion euros.

☆ Volkswagen shares up slightly on Porsche's 70-75 billion euro valuation
▼ + stars: | 2022-09-19 | by ( Victoria Waldersee | ) www.reuters.com time to read: +4 min

The valuation announced on Sunday of 70 billion-75 billion euros is slightly below some investors' estimates of up to 85 billion euros, but still far outstrips the valuation of other German carmakers like BMW's (BMWG.DE) 49 billion euros or Mercedes-Benz' 61 billion. Register now for FREE unlimited access to Reuters.com RegisterIt also comes close to Volkswagen's own market capitalisation of 88 billion euros. Shares in Porsche Holding SE, Volkswagen's largest shareholder, were 3.23% higher, topping Germany's DAX blue-chip index (.GDAXI). Analysts have compared the Porsche AG stock to Ferrari (RACE.MI), which has a market capitalisation of 38 billion euros but an operating margin of 24% to Porsche's 17-18%. Total proceeds from the sale will be 18.1 billion to 19.5 billion euros.

☆ Volkswagen shares up slightly on Porsche's $70.1 billion to $75.1 billion valuation
▼ + stars: | 2022-09-18 | by ( ) www.cnbc.com time to read: +1 min

Volkswagen shares rose slightly on Monday after the carmaker said it was targeting a valuation of up to 75 billion euros ($74.84 billion) for sportscar brand Porsche, in potentially Europe's third biggest IPO ever. The valuation announced on Sunday of 70 billion-75 billion euros is slightly below some investors' estimates of up to 85 billion euros, but still far outstrips the valuation of other German carmakers like BMW's 49 billion euros or Mercedes-Benz' 61 billion. It also comes close to Volkswagen's own market capitalisation of 88 billion euros. The carmaker saw its shares rise 3% in premarket trade. By 0914 GMT they were only slightly higher at 145.6 euros, from 145.46 at Friday's close, but bucked a drop in European shares.

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