Volkswagen-owned Porsche expects revenue of 38 billion to 39 billion euros ($38.63 billion to $39.64 billion) in 2022 from 33.1 billion in 2021, the sportscar maker said on Monday, despite registering a 5% drop in deliveries in the first half of the year.

Long-term, the brand is targeting 20% or more return on sales, with a goal of 17-18% for 2022, it said, up from 16% in 2021.

Porsche, which its owner Volkswagen plans to list on the stock market by the end of this year, saw a 5% drop in deliveries in the first half of 2022 with China sales down 16% amid coronavirus-induced lockdowns.

Still, Chief Financial Officer Lutz Meschke said the carmaker expects a stronger second half in China, with Chief Executive Oliver Blume adding June and July sales so far were positive.