Strong demand sees sales power ahead at Porsche

The luxury car marque, which was spun out of Volkswagen last September, said sales rose 25.5% in the first quarter to €10.1bn, while operating profits jumped 25.4% to €1.8bn, ahead of analyst forecasts.

The sports car manufacturer - which this year marks its 75th anniversary - delivered 80,767 vehicles in the quarter, compared to 68,426 a year previously, when supply chain disruptions were weighing heavily on the sector.

It also reiterated full-year guidance after the "highly successful" quarter, despite what it called "challenging circumstances worldwide". Annual sales are forecast to be in the range of €40bn to €42bn, with a group operating return on sales of between 17% and 19%.

The return on sales during the first quarter was 18.2%.

Lutz Meschke, deputy chair of the executive board, said: "Markets around the world remain volatile, so we’re all the more satisfied with our figures. The significant growth is due to a number of factors: higher group sales, continued positive pricing and mix effects."

Oliver Blume, chair, added: "We are stronger positioned than ever before. Our products are highly sought after by customers around the world. Our business model is flexible and robust, even in a challenging market environment."