Porsche 9-month profit jumps to low end of 2021 target thanks to Volkswagen

Porsche SE (PSHG_p.DE) said on Tuesday its nine-month net income bounced to the lower end of the German automotive group’s full-year guidance thanks to profits from Volkswagen (VOWG_p.DE), which recovered after a pandemic-related slump last year.

The holding company controlled by the Porsche and Piech families, which holds a 53.3% stake in Germany’s largest automaker, said its nine-month result after taxes came in at 3.3 billion euro ($3.81 billion).

This exceeds Porsche’s result for the same period last year by almost seven times and comes close to the net profit range of 3.4-4.9 billion euro the group confirmed it expects to reach in 2021.