Porsche had a tough first half of the year

Porsche had a tough first half of the year

Porsche felt the pandemic's effects

Porsche started the week on the wrong foot.

Like many other companies, it has also been hit by the pandemic. Porsche reported €329 million after-tax loss for the first six months of 2020. During the same time last year, they had an after-tax profit of €2.38 billion.

The carmaker’s unit sales plummeted 19.9% to 12,192 units in Q2 in the US. Apart from Porsche 911, the rest of the models' sales slipped between 27.9% up to 68.3%. Porsche 911 sales went up 30.1%.

Porsche’s net liquidity figures came in at €505 million. In part, the liquidity came from a Volkswagen shares acquisition.

According to Porsche, the net liquidity forecast remains positive. The company is looking for as much as €0.9 billion by the end of 2020.

Currently, Porsche stock price is trading lower by 1.45%.

See on CAPEX.com how the pandemic affected other carmakers!

Sources: marketwatch.com, seekingalpha.com

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