Porsche fiscal year revenue at record high on demand for new Panamera sedan

A Porsche hybrid car is presented during the media preview of the New York International Auto Show at Javits center in New York, the United States, March 31, 2010. Photo: Xinhua

German sports car maker Porsche AG said Wednesday its revenue for the fiscal year through July 31 rose 18 percent from the year earlier to a new record 7.79 billion Euros as deliveries of the new Panamera sedan surged and demand in China boomed.

According to the preliminary figures, Porsche's overall vehicle sales over the year rose 8.8 percent to 81,850 from 75,238, helped by 48 percent growth of deliveries in China to 11,724 vehicles. Deliveries in Europe rose a modest 1.4 percent to 30,948 vehicles and in its German home market declined 3.5 percent. Sales in North America increased by 4.6 percent to 23,705.

Porsche's latest model, the four-door Panamera, has sold 20,615 units worldwide since first introduced last September. However, demand for older models such as the 911 and Cayenne sports utility vehicle weakened, though the latter remained Porsche's most popular vehicle with 29,855 sold.

Porsche, Stuttgart-based carmaker, which is being taken over by Volkswagen AG, wants to expand its four-model lineup and double sales in the medium term to 150,000 vehicles.

"The record turnover demonstrates that Porsche has returned to its former strength," the company said. "Porsche will continue the positive trend in the current business year."

Porsche said in a statement full-year financial results are to be released on October 19.