German sports carmaker Porsche has set cautious financial targets for the current year, with sales expected to remain roughly flat compared to 2023.

Porsche executives on Tuesday said that operating return on sales in 2024 are forecast to be in the range of 15% to 17%, down from 18% in 2023.

Porsche expects sales of €40 billion to €42 billion ($44 billion to $46 billion). In 2023, the company generated €40.5 billion in sales.

The Stuttgart-based Porsche is a subsidiary of German auto giant Volkswagen.

This year, Porsche is launching new versions of the Panamera and the Taycan electric sports cars as well as an all-electric version of the Macan sportwagon.

An updated new model of the Cayenne SUV was also recently launched at the end of 2023. Porsche also plans to release an update of its classic 911 sports car in the early summer.

Porsche executives have previous said that the staggered product launches would be challenging for the company.

Porsche chief financial officer Lutz Meschke emphasized in a press release that Porsche is sticking to its medium and long-term profitability ambitions.

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