There's reason Porsche's Panamera is on a pedestal.
Say the name, “Porsche,” and sleek sports cars like the 911, Boxster and Cayman quickly come to mind for most folks. But for the German maker’s management – and investors – the models that matter are Cayenne and Panamera.
While purists might bristle at the idea of Porsche’s expansion into SUVs and four-door models, those non-traditional offerings are bringing major financial gains, Porsche more than quadrupling its earnings in 2010.
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And the jump from $227 million in profits for 2009 to $960 million, last year, came despite a shortened fiscal year. Revenue for the adjusted August to December period soared 59%, to 3.87 billion Euros.
Crossover/SUVs are very definitely a part of the sports carmaker, today. The Cayenne accounted for 20,770 sales during the 5-month fiscal “year,” while the relatively new Panamera saw a 44% jump in demand, to 9,385 during the period.
