BERLIN, March 12 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 fullyear results largely in line with expectations despite market volatility.

The group, which is majorityowned by Volkswagen, is targeting an operating return on sales in the range of 1517 in 2024, after reaching 18 in 2023.

In the medium term, we are sticking to our forecast of an operating return on sales of around 17 to 19, Porsche39;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.

Porsche39;s Frankfurtlisted shares were seen opening 3.2 lower.

The shares have risen 1.8 yeartodate, underperforming a 10 increase in the STOXX Europe 600 Automobiles Parts index, with analysts pointing to fierce competition in China and expected rampup costs for the new model launches this year.

Shares in rival Ferrari are up about a quarter over the same period.

Earlier this month, Porsche parent Volkswagen said sales growth would slow in 2024 due to numerous headwinds, including weaker economic growth, stiffer competition and higher costs.

In 2023, Porsche posted sales of 40.5 billion euros, largely in line with an LSEG estimate, while the return on sales beat expectations for an operating margin of 17.7.

With four new launches in its Panamera, Macan, Taycan and 911 model lines planned for 2024, Porsche…