By Christoph Rauwald
PARIS--Volkswagen AG's (VOW.XE) sportscar brand Porsche said it
remains on track for a record year in 2012 despite growing economic
headwinds and targets further growth next year.
"It is our goal to follow up on the 2012 results next year and
continue our success, depending on the market situation," Porsche
sales chief Bernhard Maier said in an interview during the Paris
auto show.
He acknowledged that Porsche "reacted to the current market
development and adjusted its plans for 2013 accordingly".
The Stuttgart-based firm is presenting all-wheel drive versions
of the new-generation 911 model at the Paris show and a
high-performance diesel version of the Cayenne
sports-utility-vehicle.
Mr. Maier dismissed concerns that Porsche is experiencing weaker
sales. Luxury-car sales had been largely unaffected from the woes
embroiling the mass-market segment in Europe amid a softening
economy, but it became evident last week that anemic demand for
cars has started to spill over into the less price-sensitive
premium segment. German rival Daimler AG (DAI.XE) was even forced
to cut its full-year earnings target for the Mercedes-Benz Cars
division.
"Despite growing economic clouds we're on track for a record
year 2012," Mr. Maier said.
Analysts, however, have become increasingly cautious about the
prospects in the lucrative luxury-car sector.
"Our main concern remains Europe, where each month reveals new
evidence of more aggressive pricing promotions," Morgan Stanley
analyst Stuart Pearson said Tuesday in a note. "However, Europe,
the U.S., China and other global markets are inextricably linked,"
Mr. Pearson said. Premium cars are largely homogeneous products
across the globe, so weaker demand in one region can drive higher
supply to another.
Porsche's global deliveries rose 21% on the year to 10,912 cars
in August and were up 15% at 92,474 vehicles in the
January-to-August period, keeping the brand well on track to reach
a new annual sales record this year. Porsche sales rose in all
major markets across the globe last month, fueled by the
new-generation of the 911, the revamped Boxster roadster and the
Cayennne SUV.
Porsche, which was fully integrated into Volkswagen's stable of
brands in August, is one of the world's most profitable car makers
with operating return on sales of more than 15%. It is set to reap
large additional cost savings in coming years as part of
Volkswagen, Europe's largest auto maker by sales. Some sportscar
aficionados have voiced concerns, however, that the integration
could hurt Porsche's exclusive brand image.
Porsche is preparing the launch of a new compact SUV named Macan
in 2013 and will also add the high-performance 918 Spyder sportscar
to its line-up.
The Macan will be Porsche's fifth model line, in addition to the
larger Cayenne SUV, the 911, the four-door coupe Panamera and the
Boxster/Cayman sports cars. It is expected to be a cornerstone of
the Stuttgart-based sports-car maker's goal to boost annual sales
volume to 200,000 by 2018. Porsche sold 118,867 vehicles worldwide
last year, up 22% from 2010.
-Write to Christoph Rauwald at
christoph.rauwald@dowjones.com
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