Porsche gushes cash
Annual results show big sales increases
Porsche 911: profitable
Pre-tax profits are up to €2.11 billion from €1.238 billion, and after taxes and after taxes it's still €1.393 billion, almost doubling the previous year's income. And the company's still got almost €2 billion cash in the bank, despite buying almost 30 per cent of VW.
Porsche sold a record-breaking 96,794 cars, up nearly ten per cent on the previous year in a period when most carmakers are struggling to maintain parity. Stuttgart puts the increase down to the new 911 and the Cayman, which has been very well-received, according to Porsche. Interestingly, Porsche still sold more 911s than Boxsters and Caymans, although sales figures for the three model ranges were all close, clustered around 35,000 in the model year 2005/6.
For the future, Porsche said that: "Even Porsche faces restrictions ... in the world today. However, Porsche will not in any way deviate from the Company's clearly profit-oriented – and not volume-oriented – business policy. Up to the launch of the Porsche Panamera, Porsche will focus on the consolidation of business on a high level. The company then expects the next major thrust in growth as of 2009 when the new four-door Sports Coupé enters the market."
The only question is what else Porsche might have planned for all that cash. Some have postulated that Porsche, now a major VW shareholder, might spin off Audi -- and maybe even Bentley and Lamborghini -- from VW and set up a separate group, much like Ford's PAG.
What a decision to have to make! Ford and General Motors, eat your hearts out...
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