Porsche boosted profits by 18% on strong demand in China

Luxury car maker Porsche increased its first-quarter profit 18.2% year-over-year on a record boost in shipments, according to a Reuters report. Sales increased by 18% driven by strong demand in China. The company reaffirmed its forecast for 2023, which is to achieve a return on sales of 17% to 19% on revenue of 40 to 42 billion euros. The financial services division's operating income decreased from €102 million to €86 million due to the assessment of interest rate hedging and derivative financial instruments, as well as a rate hike.