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Porsche AG shares rallied, trimming their year-to-date drop, after the luxury-car maker said it expects stable third-quarter sales and flagged improving availability of its Cayenne sport utility vehicle.
Unit sales got off to a slow start in July and August but steadily rose since thanks to greater availability of the Cayenne, Porsche said Wednesday. The manufacturer also cited robust orders and pricing.
The stock rose as much as 4.1% in Frankfurt, the steepest intraday gain since March 14. It’s still down around 4% this year.
“It is fair to assume that third-quarter retails will be around the level of last year,” a Porsche spokesperson said by email, confirming comments the company made to analysts ahead of earnings due later this month.
The German company is targeting returns of more than 20% in the long term and is investing in high-performance batteries, e-fuels and software to defend profits. It’s among manufacturers that have struggled with parts sourcing, weighing on output especially of its electric vehicles. Porsche’s deliveries still rose 15% in the first half.
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