CEO Oliver Blume and the design study Porsche Vision 357: With the car, the VW subsidiary is reminiscent of its long history.
(Photo: Reuters)
Berlin Porsche is entering the new year that has just begun with confidence. As reported by company circles at the sidelines of a product presentation in Berlin, the Volkswagen subsidiary expects car sales to pick up, especially in China after the end of the corona restrictions. Good business can also be expected in North America, it said. There are certain question marks behind the development in Europe, Porsche’s third important market.
Despite the sluggish supply of semiconductors, Porsche was one of the few brands in the Volkswagen Group to achieve an increase in sales in 2022. Almost 310,000 vehicles delivered represent an increase of 2.6 percent. Since the chip supply is expected to relax this year, Porsche is likely to further increase its sales figures in 2023. With sales of 70,000 cars, the VW subsidiary had achieved an all-time high in North America in 2022.
“Following our successful IPO, we want to continue developing Porsche’s great potential at high speed,” said Porsche CEO Oliver Blume at the product presentation in Berlin.
Porsche with a successful IPO
At the end of September, the Volkswagen subsidiary went public with 12.5 percent of the total capital in Frankfurt. In the few months since it was listed on the stock exchange, Porsche shares have gained more than 25 percent in value. The share of the parent company Volkswagen, which is also traded in the Dax, lost around eight percent in the same period. Blume, who has also been CEO of Volkswagen since late summer, wants to use the IPO to give Porsche more freedom.
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Compared to other brands in the VW Group, Porsche is electrifying its model range faster. In 2030, the Stuttgart sports car manufacturer wants to achieve an electric share of 80 percent. The next all-electric car from Porsche, the Macan, is expected to be on the market in a year. For comparison: The Volkswagen Group is planning a 50 percent electric share in 2030. That is why Porsche is already concentrating very heavily on the electric drive in vehicle development. Classic combustion engines are also becoming less and less important in Stuttgart-Zuffenhausen.
The stock market and investor circles share the expectation that Porsche will have another good year ahead of it. “With the exception of Ferrari, no other listed automaker is likely to report higher earnings,” writes UBS analyst Patrick Hummel in a recent analysis.
>> Read here: This is how the Porsche share has developed in detail
According to this, an operating return of between 17 and 19 percent and, as in the previous year, an operating profit of around 6.8 billion euros can be expected. With its positioning in the luxury segment, Porsche is relatively unaffected by economic cycles. The VW subsidiary will probably be able to expand its profitability in the future, Hummel continues.
Porsche celebrates anniversary
The Porsche company turns 75 this year. That’s why the sports car manufacturer presented the “Porsche Vision 357” design study at the Volkswagen group agency in Berlin. The car is a nod to the very first Porsche, the 356 model. “We’re proud of our heritage. It is our basis for a successful future,” said Porsche boss Blume at the presentation.
The 357 will likely remain a design study and not go into mass production. At best, it is conceivable that the car will later be sold to specialized collectors in a small edition of maybe 50 copies.
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