AutoBeta(AutoBeta.net)03/20 Report--

According to the 2020 financial report released by luxury car brand Porsche on March 19th, Porsche delivered a total of 272000 vehicles worldwide in 2020, down 3 per cent from a year earlier. However, although delivery fell year-on-year, revenue increased by 100 million euros to 28.7 billion euros from 2019. On the profit side, the sales profit in 2020 was 4.2 billion euros, a decrease of 220 million euros compared with 2019.

China has made a great contribution to Porsche's ability to outperform the market under the influence of the epidemic. Figures show that Porsche delivered 88968 vehicles in China in 2020, an increase of 3% over the same period last year, accounting for 33% of Porsche's total global sales, once again becoming Porsche's largest single market in the world.

The total global delivery volume of Porsche in 2019 was 280800, an increase of 10% over the same period last year, of which 86752 were delivered in the Chinese market, up 8% from the same period last year, accounting for 31% of Porsche's global sales. Porsche's total global delivery in 2018 was 256255, an increase of 4% over the same period last year, of which 80108 were delivered in the Chinese market, up 12% from the same period last year and accounting for 31% of Porsche's global sales.

It is not difficult to see that Porsche's sales in the Chinese market continue to grow and its market share continues to rise. even if the epidemic affects production and operation, Porsche's sales in the Chinese market in 2020 were not affected, but instead achieved a growth of 3%, becoming the only growing auto market.

As one of the luxury brands, it only relies on imports but has a growing share of the Chinese market, but Porsche is not active in localization. Last month, Oliver Blume, Porsche's chief executive, said he would not consider building a factory in China to produce cars on the grounds that German manufacturing would maintain the premium power of the Porsche brand. It also said it would not hesitate to pay higher labour costs for the prestige of German manufacturing.

Oliver Blume, CEO of Porsche, admitted that China's high-end car market had grown faster than he expected, but said, "although Porsche has not kept up with the development trend of manufacturing in China, European-made Porsche is still a guarantee of quality and value for the Chinese market, so there is no point in moving Porsche production to other countries."

Perhaps thanks to the support of the Chinese market for Porsche's performance, Porsche revised its 2025 profit target, which aims to reduce costs by 10 billion euros by 2025 and 3 billion euros a year thereafter. In addition, Porsche plans to be carbon neutral by 2030 and expects pure electric and plug-in hybrid models to account for 17 per cent of total sales in 2020, 50 per cent by 2025 and 30 per cent by 2030.

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