Porsche chief financial officer Lutz Meschke has sounded a warning on high interest rates, stating that the luxury sector is not immune from the effects and will feel the pinch in 2024. Meschke’s statements came after Porsche released its financials for the third quarter of this year. The carmaker performed well, reporting a 12.6% growth in sales revenue to €30.13 billion and a 9% increase in operating profit to €5.5 billion . Customer deliveries also jumped 9.
that creates a situation where customers are quite reluctant a new product,” Meschke said. “In 2024, we expect a challenging year due to the geopolitical situation and the economy in China. We are suffering in the entire economy. It is also hitting the luxury industry - you can follow it when it comes to share price development of all luxury retailers worldwide. While global sales of Porsche models increased globally, it has experienced a 12% drop in deliveries in China this year.