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Investing.com — Porsche stock climbed back above its IPO price on Tuesday after the newly-listed German sports car manufacturer reported solid sales numbers from its key U.S. market in the third quarter.
Porsche said on Monday that it sold 16,581 cars in the U.S. in the three months through September, up 8.5% from a year ago as the supply bottlenecks that have hurt it over the last year eased, allowing it to meet robust customer demand.
As a result, sales for the first nine months of the year are now down only 4.9% on the year at 49,110 units.
Porsche said that the all-electric Taycan was its fourth most popular model during the period, after the Macan, 911 and Cayenne.
By 06:00 ET (1000 GMT), Porsche (F:P911_p) stock was up 1.5% at 83.02 euros in Frankfurt. It had slipped below its 82.50 euro price on Monday amid a broader selloff and lingering concerns that the IPO – which priced at the top of the bookbuilding range – had been priced too ambitiously.
Porsche’s parent company Volkswagen (ETR:VOWG_p) raised 9.4 billion euros from the sale, which it intends to plow into its transition to electric carmaking.
