Porsche AG stuck to its earnings outlook for the year after robust sales of high-margin models including its 911 sports car helped offset waning deliveries in China.
Demand for the brand’s vehicles is strong, Chief Executive Officer Oliver Blume said Wednesday, and more customers are adding lucrative exclusive features to their vehicles.
The carmaker is preparing to roll out several new EVs, underlining the need for a robust supply chain. Porsche plans to launch an all-electric version of its Macan sport utility vehicle next year, followed by battery versions of the 718 roadster, the Cayenne and a top-end luxury SUV after that.
Porsche’s stock has slipped since its blockbuster listing last September as economic uncertainty and inflation threaten sales in Europe and China, where deliveries slumped 12% in the first nine months of the year.
The company’s operating profit climbed 9% to €5.5 billion ($5.8 billion) in the first nine months compared to the same period last year. Revenue rose to €30.1 billion, beating analyst estimates. Its nine-month operating margin declined to 18.3%.
Read more: Porsche Design Head Says Chinese EVs Spur Edgier Car Concepts
Earlier this month, the company flagged robust pricing and improving availability of its mainly combustion-engine Cayenne SUV. Deliveries of its only electric car, the Taycan, rose 11% in the the period.
The German manufacturer still expects return on sales of as much as 19% this year based on revenue of as much as €42 billion, and aims for more than 80% of all new deliveries to be all-electric in 2030.
Porsche’s parent Volkswagen AG last week reported weaker-than-expected third-quarter earnings on high costs and poor demand for its electric vehicles.
Read more: VW Falls After Cutting Forecast on Hedging Loss, More Costs
