Porsche speeds to record earnings

STORY: Porsche sped to record earnings last year.

Profits were up by more than a quarter to just under $7.3 billion as deliveries rose by 2.6%.

There's no sign the company will slow down.

It has targeted a rise in revenue to as much as $45 billion this year - up from $40 billion in 2022.

Porsche said its medium-term target was to pay out roughly half of its after-tax profit in dividends

Monday's (March 13) announcement caps a strong year for the luxury automaker.

It overtook Germany's Volkswagen as Europe's most valuable carmaker within a week of making its stock market debut.

Porsche is still three-quarters owned by VW and has long been a huge money maker for the car group.

Oliver Blume is chief executive of both companies.

He said the listing would raise Porsche's freedom as a business.

And said he believed it would also give VW much-needed funds for its electrification drive.