Porsche made a significant move by going public recently, which ahead of the historic brand’s 75th anniversary opened a new chapter in its lasting legacy. However, with going public came the entrance into unknown territory and a new playing field. That said, Porsche rose to the occasion, quickly showing its success financially in the arena of public companies, and with the first-quarter results in for 2023, Porsche is showing strength after this change.
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With over $11.1 billion in revenue for the period, Porsche showed a 25.5 percent increase. Profit increased by nearly the same percentage, 25.4 percent, going up to over $2 billion. At the beginning of its 75th anniversary as a performance luxury car manufacturer, Porsche comes out of the years-long period of volatility, instability, and challenges that plagued the entire automotive industry as a strong brand, delivering 80,767 vehicles in the first quarter compared to 68,426 in the first quarter of 2022, representing an 18 percent increase. Being a newly-public company and having upcoming electric models on the horizon to be revealed soon, Porsche is in a great place as a brand and is poised to get even better.
Sources: Porsche