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The Associated Press September 29, 2010, 6:14AM ET

Porsche revenue at record high amid China demand

Porsche AG's revenues rose 17.9 percent to a new record high in its latest financial year and unit sales climbed 8.8 percent, helped by surging demand in China and a smaller increase in North America, the company said Wednesday.

Porsche's revenues in the year that ended on July 31 totaled euro7.79 billion ($10.5 billion), the company said. It sold 81,850 vehicles worldwide.

"Porsche will continue the positive trend in the current business year," outgoing CEO Michael Macht said.

Porsche said it sold 11,724 cars in China over the year -- a 47.5 percent increase. Sales in Europe were up a modest 1.4 percent at 30,948.

The company saw sales in North America increase by 4.6 percent to 23,705.

Strong demand in China and recovering sales elsewhere as the global economy perks up have bolstered Germany's auto industry this year. Porsche's high-end competitors include Daimler AG, Audi AG and BMW AG.

Porsche said it sold 20,615 four-door Panamera sedans in the 2009-2010 financial year, the car's first on the market.

The Cayenne sports utility vehicle remained Porsche's most-sold car, although sales declined 12.9 percent to 29,855 in a year that saw a change of model.

The company said it was looking to the Panamera and Cayenne, along with the new 911 Speedster and 911 Carrera GTS, to keep sales high this year.

Porsche's total production was up 16.1 percent over the year to 89,123 cars, the company said. Its work force at the end of July totaled 12,722, a 1 percent increase compared with a year earlier.

Shares of Porsche, which is based in Stuttgart, were 0.7 percent lower in Frankfurt trading at euro35.27.

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