6,376
edits
Volkswagen:Quarterly Results/2024 Q4: Difference between revisions
→Results and earnings call summary
| Line 4: | Line 4: | ||
== Results and earnings call summary == | == Results and earnings call summary == | ||
=== Porsche Earnings call summary === | |||
[https://finchat.io/company/XTRA-P911/investor-relations/Q4-2024(Q&A)/ Q4 2024 Porsche Earnings Call Transcript] | |||
==== 2025 guidance ==== | |||
* CFO Johan said they are confident that they will reach the 2025 guidance. "And a short and crisp answer would be, of course, we strongly believe in the 10% to 12%. Our internal projections are sitting well within that corridor. And if no tariff scenario hits us severely, we really have everything set up in terms of our cost programs, in terms of our targets in the market that we will reach the guidance." | |||
* Johan said Q1 will be muted, but that's a seasonal trend. | |||
==== Products ==== | |||
* Blume said they are receiving excellent feedback for the new products from customers and media all over the world. | |||
* Blume said Porsche was ahead of market developments when it comes to electromobility. That's why they are revising their product planning in specific areas. | |||
* Blume added that their product strategy would still enable them to achieve 80% BEV share by 2030. | |||
* Blume said they will focus especially in the 911, where they see the biggest potential and margins. They will also bring a new SUV with combustion and hybrid engines and that will be differentiated from the Macan. They are hoping to bring this model in 36 months time. | |||
* '''Blume said he has a feeling that the new Taycan has solved its quality problems''' and is now the best electric car in the world. He added that the E-Maca is well received. | |||
* Blume said he's personally overseeing the development and testing of the electric Cayenne, which is now in pre-series stage. | |||
==== Pricing ==== | |||
* Blume said Porsche showed strong pricing in 2024. | |||
* Johan said they will '''increase prices further in 2025, especially on the 911 and that will enable them to reach their margin guidance. "With the model year changes in the mid of the year, we will increase prices in most regions and most models," he said.''' | |||
==== Demand ==== | |||
* Johan said the order book has normalized but is sitting on a robust and healthy level. | |||
* Johan said they expect deliveries to decline by less than 10% (as forecasted by S&P). | |||
==== Supply chain ==== | |||
* Jochen said supply chain is expected to remain challenging in 2025 and in the short-term. | |||
==== Medium term target ==== | |||
* Jochen said they now guide for '''group return of sales of 15% to 17% in the midterm (lowered from 17%-19%) since they don't expect China demand to recover in the foreseeable future, slow transition to electromobility and continued supply chain issues.''' | |||
* Blume said they are still aiming for a group operating return on sales of more than 20% in the long-term. | |||
* Tim from Deutsche Bank noted that midterm in the industry is usually three to five years. | |||
* Blume said they will continue focusing on value over volume. He said in the future, '''Porsche will align its cost structures with around 250,000 vehicles per year. He added that he sees the company selling around 300,000 vehicles per year.''' "We will make, a adaption of our company structure to a 250,000. This does not mean that this is our volume target. I expect more a volume around 300,000, but always, well balanced in between, the value drivers." Blume reiterated that reaching the 250,000 profitable level is unrealistic with the current product planning. | |||
==== '''Tariffs''' ==== | |||
* Johan said the tariffs is giving them to some extent <nowiki>''</nowiki>sleepless nights". | |||
* Johan said if the tariffs were to come they will '''first look into additional pricing since they have a great and loyal customer base.''' But they will do so in a differentiated way i.e increasing prices for the 911 and not for the SUV segment. He added that they will also look more into fixed cost to reduce the impact on margins. | |||
* Johan said at the moment they don't see localizing production in the US. | |||
==== Competition ==== | |||
* Blume '''downplayed the competition in China, saying their performance in the region is driven more by the economic developments.''' "Talking about other car manufacturers, there's no Chinese, Chinese competitor. There are some where customers move in in the SUV segment to Li Auto, but there that's expectation in terms of roominess in the car and screens for watching videos. And that's a completely different use when you compare it, for example, with the Cayenne. The customers who love the sportiness, the driving dynamics of Porsche stick to the brand, and we still have some. Our market development is more driven by the financial crisis, real estate crisis we do have, and many of our customers are affected. Talking about Xiaomi, they are making records, for example, on racetracks, but these are prototypes, not not serial cars. And so, we are very relaxed on on this. They have done a good work, you know, without a doubt, copied elements from Porsche, from Taycan nine eleven, put it into the car, offering the car to to a lower price segment. But that's not a competition for Porsche and, even not what what they are doing on the racetracks because you can't compare the cars they're using there with our record cars we offer in in serial production." | |||
==== Management changes ==== | |||
* Oliver Blume said the entire generation change will continue. | |||
== Management guidance and analysts estimates == | == Management guidance and analysts estimates == | ||