Porsche stock hits record high after its Q3 2022 reports were released. The reports show that there is a 41% increase in revenue in the first nine months of this year. It amounts to 5 billion euros. Additionally, the luxury carmaker maintained a high-profit margin on its products despite supply shortages and inflationary pressure.
Porsche’s profit margin in Q3 2022 hit 17.8%, up by 2% compared to Q3 2021. With these records, the young public offered to record highs, hitting over 100 euros per share. Many expected a solid earnings report from Porsche after their Q3 U.S. sales were announced. In the U.S. alone, the company grew sales in Q3 by 8.5% compared to Q3 2021, and the company is now closer than ever to matching their incredibly successful sales numbers of 2021, a claim very few automakers can make.
As stated in the company’s earnings call, Chief Financial Officer Lutz Meschke said, “The third quarter of 2022 was quite volatile and challenging from a political, economic, and social perspective. Nevertheless, we were able to successfully list Porsche and get off to a flying start…” Such rare optimism from a European company during turmoil on the continent has motivated investors. Nevertheless, progress regarding electric vehicles has been conservative.
The luxury carmaker is known for its engineering prowess and for having advanced technological boundaries. Despite that, the company introduced only one electric vehicle, the Porsche Taycan. Now, the company is focused on introducing another new model in the market. A new car reveal is expected in the US next month, ahead of the LA Auto Show. Many are optimistic about Porsche expanding their electric lineup.
Porsche’s Q3, motivated mainly by the sales of gas vehicles, shows just how much cultural cache the company holds in the public eye, especially considering their sales approached new highs despite turbulent economic times. However, if the brand hopes to continue to grow, the pressure is higher than ever to expand its EV lineup. According to L.A. Business First, the Los Angeles Auto Show will host unveilings for upcoming vehicles from Subaru, Hyundai, Fiat, Kia, Genesis, and Vinfast. While Porsche, Volkswagen, and Toyota will unveil new vehicles only days before the event. However, only some of the expected unveilings will likely be electric offerings.
Porsche is another brand that may be unveiling a new electric vehicle or new trim for the Porsche Taycan. A hot new performance model of the Porsche Taycan, likely a GT variant of some kind, has been spotted at Porsche’s testing facility at the Nuremberg Ring, and rumors of an electric Porsche Macan have been circulating for months.