Porsche profits hit bumpy road on model revamps, China slump

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Porsche profits hit bumpy road on model revamps, China slump

STORY: Porsche hit a bumpy road in the first-half due to falling sales and profits.

Operating profit was down by just over a fifth to around $3.3 billion, and sales dropped almost 5%.

The luxury automaker said Wednesday updates to five out of six model lines also hit sales and costs

Its results were largely in line with analyst forecasts, and shares rose in early trades.

Investors weren’t so calm the day before, however, when the stock price fell around 4%.

Porsche surprised markets by cutting its

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for the rest of the year on Tuesday.

The firm blamed a supply chain shortage which it believes will trim output by more than 10,000 cars.

Porsche said a supply cut would affect production of all models, and possibly lead it to shut down one vehicle series.

Shares in Porsche have slipped since last May.

A string of setbacks hit the ******* carmaker, from software problems to launch delays.

Weakening sales in China also shook investor confidence..

Rivals like Mercedes-Benz and Aston Martin have also warned sales will take a hit this year.

They cited model launches and revamps, as carmakers try to make their EV offerings more attractive, while keeping combustion-engined cars competitive.

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