Porsche Plans to Sell 300,000 Sports Cars this Year
One in ten Porsches sold this year is said to be purely electric. Corona crisis and lack of semiconductors put away the VW pearl of earnings.
The sports car manufacturer Porsche expects record sales this year despite the corona crisis: “We have a legitimate chance of selling over 300,000 vehicles. That should work, ”said Porsche boss Oliver Blume. Last year, sales fell by three percent to 272,000 vehicles.
The corona pandemic and the semiconductor bottlenecks in the industry caused a certain amount of uncertainty. But it is precisely the challenge of the lack of semiconductors that Porsche has mastered quite well so far, emphasized Blume. Porsche started the year at high speed.
With the pure electric sports car Taycan and the new station wagon variant Cross Tourismo alone, Blume expects sales to increase by 50 percent to 30,000 vehicles. Last year, the Swabians sold around 46,000 fully or partially electric models, which corresponded to a share of 17 percent. Overall, electrification is to be pushed further. By 2025, more than 50 percent of Porsche vehicles are to be powered by a purely electric or hybrid motor, and then over 80 percent by 2030.
In addition, Porsche wants to be CO2-neutral by 2030. Investments of one billion euros over ten years are planned for this. “We continue to give full throttle with transformation, digitization and electrification. Because if you save on these issues, you will soon no longer be competitive ”, emphasized CFO Lutz Meschke.
800 million euros are going into digitization alone. In addition, Porsche intends to continue to invest 100 million euros annually in stakes in start-ups and technology companies. The sports car manufacturer intends to generate a double-digit percentage of total sales with digital services by 2025, announced Meschke.
As already known, Porsche has tightened its savings and efficiency program for this decade. Over the next five years, ten billion euros are to be saved instead of the six billion euros previously planned. The number of employees of a good 36,000 should nevertheless remain constant. “We are not cutting any jobs and are not separating from any subsidiary,” said Meschke. Porsche has become more efficient. That is why a return on sales of 15 percent will be aimed for in the current year despite the tense economic situation.
Speculation about partial IPO
Last year, the VW Group’s earnings pearl was robust. Porsche posted an operating profit of 4.2 billion euros in 2020 after 4.4 billion euros in the previous year, as the company announced on Friday. Sales reached a new record high of 28.7 billion euros. With a return on sales of 14.6 (2019: 15.4) percent, Porsche was by far the most profitable brand in the VW Group behind the significantly smaller Lamborghini brand.
According to insiders, the parent company is considering a partial IPO of the sports car manufacturer in order to collect billions from investors for the high investments in electromobility. Blume admitted that, given the success of Porsche, such considerations are generally interesting. He pointed out that the decision for this rests with the bodies of the Volkswagen Group.
CFO Meschke has been saying for two years that the advantages, based on the example of Ferrari’s IPO, are obvious. Porsche benefits a lot from the group with VW. However, the synergies should not be rated too highly. Even today, no brand in the group is given anything for free.
“It is not absolutely necessary to be a wholly owned subsidiary in order to leverage synergies in cooperation,” Meschke referred to the similar models Cayenne (Porsche) and Touareg (VW) from the time before Porsche was acquired by VW eleven years ago .