Transportation
Porsche Cuts Profit Target From IPO After China Sales Slump
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Porsche AG lowered another profitability goal set at the time of its blockbuster listing after the luxury-car maker’s earnings slumped due to tumbling sales in China.
The German brand is now aiming for a return on sales of between 15% and 17% in the medium term, Chief Financial Officer Jochen Breckner said Wednesday, having previously targeted as much as 19%.