FRANKFURT, Sept 28 Reuters Luxury carmaker Porsche AG on Thursday confirmed its 2023 outlook, saying demand for its cars remained strong despite the challenging macroeconomic environment.

Financial markets around the world have come under pressure in recent weeks. One reason for this is the increasing uncertainty regarding global economic growth following the numerous interest rate increases by central banks, Porsche said in a statement marking its first anniversary as a listed entity.

At the same time, the economic developments in China are being followed with a degree of concern. This also influenced the price of the Porsche AG share.

Since the beginning of August, Porsche AG39;s share price has lost more than a fifth, driven partly by growing concerns about the Chinese economy and weaker demand in automotive markets.

Still, the company said it still expects an operating return on sales of 1719 in 2023 on sales of 40 billion to 42 billion euros 42.05 billion to 44.15 billion, as well as a return on sales of more than 20 longterm.

1 0.9512 euros

Reporting by Christoph Steitz, Editing by Rachel More

Source Reuters