Bloomberg News

Porsche Said to Target Record Sales Next Year on 911 Revamp

October 13, 2011

(Updates with shares in sixth paragraph, comment from sales chief in eighth, detail on models in last.)

Oct. 13 (Bloomberg) -- Porsche AG, the maker of the Cayenne sport-utility vehicle, plans to sell a record 140,000 cars next year on demand for the next generation of the 911 and Boxster models, a person with knowledge of the matter said.

The Stuttgart, Germany-based carmaker aims to increase 2012 deliveries after selling 120,000 autos this year, the person said, declining to be identified discussing internal goals. Porsche, which sold 97,000 vehicles last year, said previously it would deliver “more than” 100,000 cars in 2011.

“The goal seems ambitious given the current economic framework but it’s achievable,” said Daniel Schwarz, a Frankfurt-based Commerzbank AG analyst who recommends buying the stock. “Porsche is performing very solidly in key markets. A lot depends on how the new 911 will fare and how quickly they’ll bring derivatives to market.”

Porsche, which aims to combine with Volkswagen, will begin selling the revamped version of the iconic 911 this December and plans to offer an updated Boxster model in the first half of 2012, the person said. Porsche and rival German luxury-car makers have thus far been immune to Europe’s debt crisis.

September Sales Rise

Bayerische Motoren Werke AG, Daimler AG’s Mercedes-Benz and Volkswagen AG’s Audi all posted September sales advances and are targeting record deliveries in 2011. Porsche said yesterday that sales last month surged 38 percent to 10,560 vehicles on demand for the Cayenne SUV. Nine-month deliveries are up 31 percent.

Porsche dropped as much as 2.7 percent to 37.50 euros and was down 1.6 percent at 1:38 p.m. in Frankfurt trading, valuing the carmaker at 11.6 billion euros ($16 billion).

Porsche plans to increase production of the Cayenne, its best-selling model, by between 10 percent and 20 percent starting in January by adding a third shift at a factory in Leipzig, Germany, where the vehicle is produced. Porsche currently makes about 220 cars a day at the plant and has been unable to keep up with demand for the model.

“Even if economies happen to cool down somewhat, I’m very confident that we have a chance to keep growing next year thanks to our global presence and current product portfolio,” Porsche sales chief Bernhard Maier said in a Sept. 13 interview at the Frankfurt auto show.

Backed by VW, Porsche aims to double sales to at least 200,000 cars and SUVs by 2018. The carmaker will add a compact SUV and a limited series of the 918 Spyder hybrid sports car by 2013. Porsche’s current models include 911, Boxster/Cayman, Panamera and Cayenne. Porsche may also develop a supercar positioned higher than the 237,600-euro 911 GT2 RS, its most expensive 911, Maier said.

--Editors: Chad Thomas, Heather Harris

To contact the reporter on this story: Andreas Cremer in Berlin at acremer@bloomberg.net.

To contact the editor responsible for this story: Chad Thomas at cthomas16@bloomberg.net


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