Half Year 2024 Dr Ing hc F Porsche AG Earnings Call Transcript
Key Points
- Dr. Ing. h.c. F. Porsche AG (DRPRF) launched the largest model offensive in its history, updating key models like the Panamera, Taycan, Macan, and 911, which has been well-received in the market.
- The company achieved a significant reduction in the average age of its product portfolio from 3 years to 1.5 years, ensuring a fresh and attractive lineup.
- Porsche ranked first in the luxury segment in the J.D. Power quality study in the USA and achieved high customer satisfaction in China, reflecting strong brand perception.
- The new 911 Carrera GTS, featuring a lightweight performance hybrid, received extremely positive feedback, showcasing Porsche's technological leadership.
- Despite challenges in the Chinese market, Porsche maintained a balanced sales structure globally, with strong performance in other regions compensating for lower China sales.
- A significant supply shortage for aluminum parts is expected to impact production, leading to an adjusted revenue forecast for the full year.
- The transformation towards fully electric vehicles has lost momentum, with a flatter ramp-up curve than initially expected.
- Sales in China, a key market, have been challenging due to lower demand in the luxury segment, impacting overall sales figures.
- Group revenue for the first half of 2024 declined by 4.8%, reflecting lower vehicle availability due to model changeovers.
- The company faces continued supplier cost inflation and higher launch costs, which are expected to impact profitability in the second half of the year.
(video playing)
Hello, and welcome to our analyst and investors update on the first half of 2024. My name is Bjoern Scheib and with me is our CEO and Chairman of the Executive Board, Oliver Blume; and our CFO and Deputy Chairman of the Executive Board, Lutz Meschke.
Today, we would like to give you a brief insight of our business performance of the first half of 2024. All materials, such as the investors deck, our half year financial report are available in the Investors section of the Porsche website.
Before we begin, let me remind you that any forward-looking statements we make during this statement are subject to the risks and uncertainties mentioned in the Safe Harbor Statement included in the Porsche materials. This intro will also be governed by this language.
With that said, I'd like to hand it over to Oliver.
Good morning and a very warm welcome
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