German car maker Porsche reveals details of new versions of favourite models due for release this year as it adds electric sports car into the mix.
ADVERTISEMENTThe luxury car producer announced on Tuesday the launch of several new models this year but warned that costs connected with the launch would lead to lower profits.
It is expecting to see lower operating returns this year, of between 15% and 17%, compared with 18% in 2023.
While market analysts' predictions had placed hopes on returns nearing last year's, the introduction of four new car models is positioning 2024 as a transition year for Porsche.
New versions of three models well-known to Porsche enthusiasts will be released this year: the Panamera, the Macan and the iconic Porsche 911.
Porsche looks to rival Tesla with its own "record holder"
Another upgraded model will also be put on the market, the latest Taycan Turbo GT. The electric sports car is "already a record holder," according to Porsche, hinting in a press release on Monday that the sports car had beaten electric automobile manufacturer Tesla's previous lap record.
Porsche previously announced it would be ramping up its aspirations in this area, and that it was aiming for an ambitious 80% of its sales to be electric vehicles by 2040.
Owned by Volkswagen, Porsche's 2023 €40.5 billion sales met market expectations. But the German company's share price fell by close to 25% on year-to-year date, with analysts attributing the drop to the current intricate state of the worldwide automobile industry, especially when considering the increased Chinese competition.
