Porsche rolls out Cayenne
German carmaker introduces sport/utility vehicle and posts strong profit.
March 5, 2002: 9:14 a.m. ET
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GENEVA, Switzerland (CNN) - Porsche launched its new Cayenne sport/utility vehicle at the Geneva motor show and posted another sterling set of profit numbers.
The profitable German carmaker said Tuesday first-half net income rose 29 percent to  89.4 million ($78 million) from 69.1 million a year earlier. Sales rose 6.8 percent to 1.84 billion.
Stuttgart-based Porsche said revenue and pretax profit are expected to at least match last year even if unit sales fall. Vehicle sales edged up 1.2 percent to 23,475 units in the first six months of its fiscal year.
Porsche, which makes only two models, the 911 and Boxter, is adding another string to its bow with the launch of the Cayenne, which goes on sale in the second-half of the year.
The new Cayenne has a large grille to cool its powerful engine, which can propel it from a standing start to 100 kilometers per hour (62 miles an hour) in 5.6 seconds. The headlights and hood look like those on the 911, while the back end would not look out of place on a Saab.
The Cayenne is expected to boost total Porsche output to 75,000 to 80,000 units per year from about 50,000.
Porsche, which sells more than half its cars in the U.S., said any shortfall in sales there will be made up by strong sales in Europe. On Friday, it said U.S. unit sales fell 15 percent to 1,882 vehicles in February.
Porsche's stock, which has risen about 60 percent in the last 12 months, was little changed at 536 in midday Frankfurt trading Tuesday. The company currently is valued at about 4.7 billion.
Chief Executive Wendelin Wiedeking told investors in January the U.S. market had not suffered long from the effects of the Sept. 11 attacks and the company is considering listing on the New York Stock Exchange. 
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