The profit of the company fell in the first quarter due to ramp-up costs

FRANKFURT (Reuters) -Porsche on Friday reported a 30% drop in first-quarter operating profit, citing higher investments in what the German luxury carmaker has called its biggest year of product launches in history. Operating profit in the first three months of 2024 came in at 1.28 billion euros ($1.37 billion), in line with an LSEG estimate, while sales for the period stood at 9.01 billion, beating the 8.77 billion forecast. "In a challenging environment, we are staying on course and resolutely pursuing our strategy," Porsche AG CEO Oliver Blume, who also heads Porsche's parent Volkswagen, said in a statement.

Porsche AG’s profit plummeted during the first quarter for the weakest result since listing in September 2022 after model changeovers and soft demand in China weighed.