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Porsche profit falls by 30.3% in 2024 to around 3.6 bln euro

The carmaker's deliveries in 2024 fell by 3% to around 310,700 vehicles

BERLIN, March 12. /TASS/. The profit of the German manufacturer of luxury sports cars and SUVs Porsche fell by 30.3% year-on-year in 2024 to around 3.6 bln euro, according to the company's report.

The carmaker explained the large losses by high costs of updating the model range and a sharp drop in sales in China. Operating profit (EBIT) before interest and taxes fell by 22.6% to 5.64 bln euro. Earnings per share decreased even more - by 30% to 3.95 euro per preferred share. In 2023, Porsche's profit amounted to around 5.2 bln euro.

Porsche deliveries in 2024 fell by 3% to around 310,700 vehicles. In China, the figure fell by 28%. Sales fell by 1.1% to just over 40 bln euro.

Porsche plans to invest around 800 mln euro this year to turn around its business with new models and a cost-cutting program. Sales are expected to be reach 39-40 bln euro.