Porsche Revenues Up On Car Sales

Automobile manufacturer Porsche has today announced an increase in revenues over its last quarter to November as a result of growing sales in its core luxury car division, helping extinguish rumours that it had been trading as more of a hedge fund in recent months.

The company announced today that sales over the last three months had shot up to £1.7 billion, largely as a result of growth within its car manufacturing business rather than further growth within its derivative trading operation, which had previously accounted for three times more revenue than core operations at the end of the last financial period.

However an 18% rise in core car model sales helped offset previous rumours that the company had been abusing its corporate form in order to trade derivatives rather than focus on its business of selling cars.

Porsche has also been embroiled in a high profile wrestle with mass market manufacturer Volkswagen, as it presents itself as a potential takeover candidate for the fellow German manufacturer.

Amongst some of the stronger selling models over the last period were the trademark 911 unit, which saw an increase of 3% in sales whilst the four wheel drive SUV the Cayenne enjoyed growth of over 75% from the period on the year.

The move comes following a ruling against Volkswagen’s attempts to protect itself from takeover by limiting voting rights of ordinary shareholders to no more than 20%, with subsequent equity only representing a right to income. However it would now appear that Porsche may be willing to opt for the deal after all given the strike down initiated by the European judiciary, although no firm commitment has yet been delivered.

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