Surging Cayenne helps boost Porsche profits 25%
A 74 percent increase in Cayenne sales helped increase Porsche's operating profit by 25 percent.
Whether you love it or hate it, it's hard to argue with success of the Cayenne SUV, which has once again helped Porsche to post impressive financial results.
The German automaker's operating profit is up 25 percent to $2.12 billion through the first nine months of the year, driven largely by a 74 percent sales spike for the Cayenne to 43,924 units during the January to September period.
Sales of the iconic 911 fell by 12 percent to 13,777 sports cars, a performance likely attributable to the impending release of the next-generation model. The Panamera sedan totaled 18,750 sales, an increase of six percent.
North American customers parked 22,307 new Porsche vehicles in their driveways while European consumers drove 29,079 vehicles off dealer lots, representing growth of 15 and 11 percent, respectively. Porsche saw its greatest gains in the Chinese market, though, with sales rising 82 percent to 17,683 cars in the region.
Overall, Porsche deliveries for the period were up 31 percent to 90,972 cars while revenue increased to $11.12 billion, an upswing of 20 percent.
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