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OFFON

PORSCHE AUTOMOBIL HOLDING SE

(PAH3)
  Report
Real-time Estimate Quote. Real-time Estimate Tradegate - 12/08 03:59:12 pm
85.55 EUR   +4.94%
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GM rages against end of combustion age with a 670-hp Corvette

10/26/2021 | 12:00pm EST
GM's 670 horsepower Corvette rages against the end of the combustion age

DETROIT, Oct 26 (Reuters) - General Motors Co on Tuesday revved up the drive to expand its Corvette sports car brand globally, with a roar from a 670-horsepower, eight-cylinder combustion motor, challenging the likes of Ferrari NV, Porsche and McLaren.

The latest Chevrolet Corvette Z06, a high-performance, racetrack-ready version of the Detroit automaker's sports car, is leading the marque's growth outside the United States, company officials told Reuters.

Corvettes will now come with steering wheels on the right side, for drivers in the United Kingdom, Europe, Australia and Japan.

"There's a lot of upside," said Corvette Executive Chief Engineer Tadge Juechter.

The Bowling Green, Kentucky, factory that assembles Corvettes can build more than 40,000 cars a year, but has been hampered by the pandemic and supply chain disruptions, said Steve Majoros, vice president for marketing at GM's Chevrolet division which makes the Corvette.

GM said it sold 23,858 Corvettes worldwide in 2020, and 27,376 in the first nine months of 2021. U.S. customers bought more than 24,000 new Corvettes this year.

The latest-generation Corvette has transformed into a mid-engined sports car that looks and runs more like a Ferrari supercar.

But while Ferrari has introduced gasoline-electric hybrid and turbocharged engines, the 2023 Corvette Z06 is designed for fans of an earlier era's cars, wrapped in a modern skin. It features a hand-built, 5.5 liter V-8 engine capable of roaring at 8,600 revolutions per minute without using a turbocharger or a battery-booster.

GM has not disclosed pricing for the latest Z06, which will go into production next summer. The current Corvette starts at just under $61,000, and past Z06 models have been priced about $25,000 above the least expensive model.

Like other car makers, GM is working on the challenges of engineering fully battery electric supercars https://www.reuters.com/article/us-autos-mclaren-electric-focus-idINKBN2AG0IC - an imperative as regulators in major markets propose banning sales of petroleum-fueled vehicles as soon as 2030.

Battery packs and motors capable of propelling a vehicle to racetrack speeds are heavy and do not deliver much range.

"We'll be slower to the party," said Juechter. "We won't do it until the battery technology is ready." (Reporting by Joseph White; Editing by Richard Chang)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
FERRARI N.V. 0.44% 267.07 Delayed Quote.12.76%
PORSCHE AUTOMOBIL HOLDING SE 3.48% 84.36 Delayed Quote.44.54%
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Analyst Recommendations on PORSCHE AUTOMOBIL HOLDING SE
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Financials
Sales 2021 117 M 133 M 133 M
Net income 2021 4 065 M 4 610 M 4 610 M
Net cash 2021 364 M 413 M 413 M
P/E ratio 2021 6,33x
Yield 2021 4,01%
Capitalization 25 835 M 29 282 M 29 303 M
EV / Sales 2021 217x
EV / Sales 2022 193x
Nbr of Employees 888
Free-Float 50,0%
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Mean consensus BUY
Number of Analysts 12
Last Close Price 84,36 €
Average target price 115,18 €
Spread / Average Target 36,5%
EPS Revisions
Managers and Directors
Hans Dieter P÷tsch Chairman-Management Board
Wolfgang Porsche Chairman-Supervisory Board
Lutz Meschke Head-Investment management
Ulrich Lehner Member-Supervisory Board
Ferdinand Oliver Porsche Member-Supervisory Board
Sector and Competitors
1st jan.Capi. (M$)
PORSCHE AUTOMOBIL HOLDING SE44.54%28 064
TOYOTA MOTOR CORPORATION29.95%256 425
VOLKSWAGEN AG21.38%127 468
DAIMLER AG50.22%104 398
GENERAL MOTORS COMPANY43.40%89 333
FORD MOTOR COMPANY127.08%79 765