Porsche has become the most profitable car company in EuropeAugust 12, 2020
Despite the coronavirus pandemic and the associated drop in household incomes around the world, premium car brands continue to enjoy consistently strong demand.
Let us recall that the period from March to April of this year has become quite difficult for many companies, including automakers. Most of them suffered heavy losses, but according to the results of the first half of 2020, three European automakers were in positive territory. One of them works for the mass market: the French PSA group announced an operating profit of 517 million euros. But the Italian Ferrari, which produces exclusively exclusive supercars, showed an operating profit of 243 million euros. Also in the aforementioned three entered the brand Porsche, a division of the Volkswagen group, with a declared operating profit of 1.23 billion. At the same time, the company’s management was upset that it could not achieve the previously promised profitability of 15%, having recorded only 10%.
For comparison, a number of other premium brands for the period from January to June 2020 recorded losses: Mercedes – by 620 million euros, Audi – by 640 million euros, BMW – by 1.33 billion euros, Volkswagen (passenger cars) – by 2, 1 billion euros. For the first time in history, Porsche has become the leader in profitability in the European automotive industry. Analysts note that these brands are increasingly going into the mass segment, while only buyers of premium cars are less exposed to the crisis.
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