Profits and Production: Porsche, Volkwagen, and Honda

Porche is growing profits, Volkswagen is growing investments, and Honda is growing EV production.
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 Profits and Production: Porsche, Volkwagen, and Honda

Porsche issued a positive growth outlook following its record earnings in 2022, despite concerns over ongoing supply chain disruptions. The company reported an increase in their group sales revenue by 13.6% from 309K vehicles delivered globally, amounting to about $40B. 

Parent company Volkswagen also boasted some impressive growth in operating profit from 2022 — up 13% from the previous year, reaching about $24B. Alongside their stats, the company also revealed plans to invest $192B in the next five years. More than two-thirds of the investment will be dedicated to electrification and digitization, including a new battery factory in Canada.

Honda is shuffling some things around as part of its overall transition to increased EV production. The automaker announced yesterday that it would be moving production of its Accord from Ohio to Indiana in 2025. After 40 years of production at the Ohio facility, Honda has decided to revamp that existing plant to focus solely on EV and hybrid manufacturing.

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