BERLIN — Despite ongoing headwinds in key markets around the world, Porsche is holding firm on its financial targets for the year, according to a speech prepared by the company’s top executive.
The text of a speech by Porsche CEO Michael Leiters, published online Monday, reveals what he plans to tell shareholders at the company’s annual general meeting on Tuesday. The remarks acknowledge significant shifts in both the U.S. and Chinese markets, which have created pressure on the 911 sports car manufacturer.
“In the short term, we will not see a return to the targeted margins we have seen in the past,” Leiters is expected to say, according to the published speech text.
Even so, Leiters confirmed that the Volkswagen subsidiary is sticking with its forecast of an operating margin between 5.5% and 7.5% for the current year — and that the company is pressing ahead “despite the environment remaining very challenging.”
