FRANKFURT (Reuters) - Luxury carmaker Porsche AG (ETR:P911_p) on Thursday confirmed its 2023 outlook, saying demand for its cars remained strong despite the challenging macroeconomic environment.
"Financial markets around the world have come under pressure in recent weeks. One reason for this is the increasing uncertainty regarding global economic growth following the numerous interest rate increases by central banks," Porsche said in a statement marking its first anniversary as a listed entity.
"At the same time, the economic developments in China are being followed with a degree of concern. This also influenced the price of the (Porsche AG) share."
Since the beginning of August, Porsche AG's share price has lost more than a fifth, driven partly by growing concerns about the Chinese economy and weaker demand in automotive markets.
Still, the company said it still expects an operating return on sales of 17%-19% in 2023 on sales of 40 billion to 42 billion euros ($42.05 billion to $44.15 billion), as well as a return on sales of more than 20% long-term.
($1 = 0.9512 euros)