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Porsche overtook Volkswagen to become the fourth car company in the world by market capitalization. According to the latest market capitalization list, Tesla ($740.82 billion), Toyota ($185.76 billion) and BYD ($93.93 billion) are in the top three, while Porsche has a total market capitalization of $80.62 billion, higher than Volkswagen's $76.45 billion.

On September 29, German luxury car brand Porsche officially went public on the Frankfurt Stock Exchange under the symbol P911, with an opening price of 83.10 euros. It rose to 86.78 euros in intraday trading and finally closed at 82.58 euros per share, down 1.69% from the opening price. It is understood that this is the third ultra-luxury brand to land in the capital market after Ferrari and Aston Martin. It is the second largest IPO in German history and the third largest IPO in European history.

Volkswagen Group has many car brands, including Volkswagen, Skoda, Audi and other car brands that win by volume, as well as top luxury brands such as Porsche, Bugatti and Lamborghini, but Porsche is undoubtedly the best player in the group. Porsche's sales revenue from 2019 to 2021 was 28.515 billion euros, 28.695 billion euros and 33.138 billion euros, respectively, and after-tax profits were 2.801 billion euros, 3.166 billion euros and 4.038 million euros, respectively, according to the prospectus. In the first half of 2022, Porsche achieved sales revenue of 17.922 billion euros, an increase of 8.5 percent over the same period last year, and a sales profit of 3.48 billion euros, an increase of 24.6 percent over the same period last year, while Volkswagen made an operating profit of 13.2 billion euros in the first half of the year. Porsche contributed 26.4 percent of the operating profit to the Volkswagen Group.

Porsche's gross margin has also been stable, with 28.2% in the first half of this year, 25.5% from 2019 to 2021, 26.3% and 26.7%, respectively. At present, Porsche's core sports car products include six major model series, including 718,911, Taycan, Panamera, Macan, Cayenne, among which Cayenne and Macan are Porsche models with high demand. Porsche sold 145900 vehicles worldwide in the first half of 2022, including 38000 Macan, 41900 Cayenne, 18900 Taycan, 21600 9 / 11 and 15600 Panamera, according to the prospectus. In addition, the global sales of Porsche from 2019 to 2021 were 280800, 272200 and 301900, respectively.

Porsche's performance in the Chinese market has become the focus of attention from all walks of life. According to data, Porsche delivered 145900 vehicles worldwide in the first half of 2022, of which 41000 were delivered in China, with a market share of 27.89%. In addition, Porsche's sales in China from 2019 to 2021 were 86800, 89000 and 95700 respectively, with a market share of 30.91%, 32.70% and 31.70%, respectively.

Of course, it is not just Porsche. Comparing the sales data of global luxury car brands, we can find that most of the global luxury car brands are basically inseparable from the Chinese market, which is a common phenomenon in the luxury car industry. For example, the global sales of BMW, Mercedes-Benz and Audi in the first half of 2022 were 1.339 million, 985000 and 785000 respectively, of which 467000, 356000 and 312000 were sold in China (including imports), with a market share of 34.9%, 36.1% and 39.7%, respectively. The proportion of sales in China is higher than that of Porsche.

At present, China has become the world's largest automobile market, but also the world's largest new energy vehicle market, is the top priority of the global automobile brand layout. Relatively speaking, Musk has the deepest understanding of this sentence. Musk not only attaches importance to the Chinese market, but also directly builds a Tesla factory in Shanghai, which is also a key factor in Tesla's rapid development.

Next, the next trump card in luxury car competition will be new energy vehicles, especially those who attach importance to the electric car market will take the initiative. Porsche mentioned that the goal is that by 2025, more than 50% of new cars delivered will be electric vehicles; by 2030, more than 80% of new cars delivered will be pure electric vehicles.

Following the listing of Porsche IPO, Volkswagen is evaluating the possibility of an IPO of Lamborghini, Milan Financial Weekly (Milano Finanza) reported on October 5th. However, the assessment is still in its early stages. Volkswagen owns Lamborghini through its subsidiary Audi.

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