BERLIN (Reuters) – German luxury carmaker Porsche expects profitability to tick downwards in 2024 as it focuses on launching four new models, the company said on Tuesday, posting robust full-year results for 2023 despite market volatility.

The group, which is majority-owned by Volkswagen, is targeting an operating return on sales in the range of 15-17% in 2024, after 18% in 2023, it said.

“In the medium term, we are sticking to our forecast of an operating return on sales of around 17 to 19%,” Porsche’s finance chief Lutz Meschke said in a statement. “And, in the long run, we are aiming for a group operating return on sales of more than 20%.”

(Reporting by Christoph Steitz and Rachel More; editing by Bartosz Dabrowski)

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