Porsche experienced a year of record profit last year, earning a profit of €4.24 after tax. Sales also reached record levels, earning the company revenues of €7.4 billion. These figures are expected to be improved upon this year, according to Porsche CEO Wendelin Wiedeking.
In a speech in the city of Frankfurt, Wiedeking affirmed that Porsche is better than it has ever been and that shareholders will be "rejoicing" at the coming financial results, reports Auto Motor und Sport. He also criticized the way the current global financial crisis is being handled, especially by the auto industry.
Citing the lack of responsibility shown by many companies, Wiedeking slammed auto companies for having previously operated for their own private profit but then wanting to socialize their losses. Wiedeking was also vocal about the use of taxpayer money in bailing out inefficient private companies, referring to both the U.S. bailout and the recent request from European carmakers for a similar aid package.
The future is looking very bright for Porsche. The company plans to expand its stake in VW group from the current 35% to a controlling 50% by the end of next month, and its upcoming Panamera sedan is expected to be one of the most profitable models in its portfolio.