Porsche had a tough first half of the year

By: Miguel A. Rodriguez

09:45, 14 September 2020

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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