Luxury sports vehicle manufacturer Porsche made a significantly weaker start to 2024, according to results released on Friday.
Turnover from January to March fell by more than a tenth year-on-year to €9.01 billion ($9.64 billion), the company announced in Stuttgart. At €1.28 billion, consolidated operating result was around 30% below the previous year's figure.
Porsche chief executive Oliver Blume had previously dampened expectations in March and described 2024 as a transition year for the firm.
The Zuffenhausen-based manufacturer will be renewing four of its six model series in 2024, in what Blume said was the largest model overhaul in the company's history. This has led to a sharp increase in research and development and marketing costs.
New versions of the Panamera and the Taycan electric sports car as well as the all-electric Macan compact SUV will be launched. The classic 911 will be refreshed in early summer.
The new Cayenne, Porsche's best-selling model, was launched at the end of 2023.
Porsche chief financial officer Lutz Meschke was quoted as saying in a press release that in the first quarter "we gained a lot of momentum in order to lay the foundations for future success."
In previously announced figures, the car manufacturer delivered 77,640 vehicles to customers between January and March - 4% less than a year earlier. However, the drop in sales is also due to problems in the most important car market, China, and in North America.
In 2024, Porsche said it was expecting turnover of between €40 to €42 billion.
