Porsche's profit soars with increased sales of iconic 911 model

Porsche’s operating profit soared 41 percent to $5 billion on-year in the first nine months of 2022 partly due to healthy sales of its iconic 911 model and exchange-rate effects.

The carmaker's deliveries in the first three quarters rose 2 percent to 221,512 cars, with sales of the combustion-engine 911 jumping 9 percent.

However, Porsche did not raise its full-year guidance and may be anticipating a more challenging quarter.

Porsche’s Chief Financial Officer Lutz Meschke noted that during the volatile and difficult market environment they are demonstrating an ability to operate profitably mainly through cost discipline and an attractive product mix.

Automakers have been bracing for surging inflation and rising input costs to weigh on sales but demand has been relatively resilient so far, especially for premium vehicles.