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Business

Porsche in the Fast Lane with Cayenne

The world’s most profitable carmaker Porsche is expecting record results for the current year, thanks to sales of its year-old Cayenne sports utility vehicle. “I feel quite confident and optimistic in my assessment of the 2003-2004 year of business,” said Porsche’s Chief Executive Wendelin Wiedeking. Preliminary figures show Porsche’s revenues in the first quarter of the current year climbing 46.6 percent to € 1.92 billion. Wiedeking said sales of the Cayenne are the reason for the high level of earnings. More than 50 percent of the 22,016 cars sold in the August – November period were from the Cayenne line, while the Porsche 911 and Boxter series saw sales decline in comparison with the previous year. With new 911 models coming on the market, though, Porsche said it expected “clear impulses” in future car sales. The Stuttgart-based company posted a ninth straight year of record earnings in November, with pre-tax profit rising to €933 million, but finance chief Holger Härter refused to speculate on the outcome of the current financial year. He said he would be happy for Porsche to achieve flat profits this fiscal year, given weakening sales of the 911 and Boxter sports cars and increased spending on next-generation models.