According to foreign media reports, a senior Porsche executive revealed that the company plans to gradually electrify the car product line, with the goal of accounting for 80% of total sales by 2030, when its iconic 911 product will become the brand's only internal combustion engine model.
In fact, Porsche has been under great pressure in the electrification transformation process since Porsche software problems delayed the release of models such as the electric version of the Macan.
Yesterday, Porsche released its results for the first half of 2023. According to the financial report, Porsche's operating revenue in the first half of this year was 20.43 billion euros, up 14.0% from the same period last year; sales profit was 3.85 billion euros, up 10.7%; and the return on sales was 18.9%, high in the target range. From the above earnings data analysis, Porsche's operating revenue growth accelerated in the first half of the year, but sales profit growth slowed. For comparison, Porsche's operating revenue and sales profit in the same period last year were 7.92 billion euros and 3.48 billion euros respectively, up 8.5 per cent and 24.6 per cent respectively from a year earlier. In terms of return on sales, the rate of return on sales in the first half of this year was 5 per cent lower than that of the same period last year. In the earnings report, Porsche said that due to heavy investment in products and innovation businesses, the net cash flow of Porsche Group's automotive business fell slightly, falling 170 million euros to 2.22 billion euros from the same period last fiscal year.
In terms of sales, Porsche delivered 167354 new cars worldwide in the first half of 2023, up 14.7% from a year earlier. Among them, the delivery volume in the Chinese market was 43832, an increase of 8% over the same period last year, which is not as fast as the overall performance, but China is still Porsche's largest regional market in the world. Prior to this, the Chinese market has become Porsche's largest single market in the world for eight consecutive years.
Among the subdivided models, due to supply chain problems, the cumulative delivery of Porsche Taycan in the first half of the year was 17991, down 5% from the same period last year, making it the only product in Porsche's product line to decline. As for the reasons for the decline in sales, Obom, chairman of Porsche's global executive board, said: "We have supply chain problems every week, which makes the company have to adjust capacity flexibly."
At present, Porsche is in the stage of electric transformation. Foreign media reported that Porsche is planning to gradually electrify its products, and electric cars will account for 80% of total sales by 2030. Among them, the electrification transformation will begin with the compact SUV Macan, followed by the 718 Cayman, the Boxster sports car and the Cayenne, while its iconic 911 will be the only fuel model. "developing electric cars will be our primary goal, but we will sell the internal combustion engine version of the 911 for as long as possible," said Karl Dums, head of Porsche's electronic fuel team. " 911 is one of Porsche's sales volume products, and as a reference, 911 models accounted for 13% of Porsche's sales last year.
It should be noted that the process of Porsche's electrification transformation in China is not smooth. Due to the influence of the software platform, the launch of Porsche Macan electric vehicles has been blocked, and the electrification transformation rhythm of other models has been disrupted for a time. According to the plan, Porsche plans to invest 20 billion euros in electrification and digitization in the next five years. In addition to the listed Taycan series products, next year Porsche will launch pure electric version Macan, followed by pure electric version 718 and pure electric version Cayenne. In addition, Porsche will also launch new D-class pure electric products.
It is understood that Porsche Macan electric vehicle is based on PPE platform, which is a high-end pure electric vehicle platform jointly developed by Porsche and Audi. Among them, Audi has introduced the PPE platform into Audi FAW's joint venture new energy project, and the first plant will be put into production in Changchun in 2024. In addition to the PPE platform, another platform version developed by Porsche is called SSP Sport, based on which it has been reported that Porsche will develop a large car or electric sports car, and the new three-seat SUV model is expected to be launched in 2027.
It is also reported that Porsche is negotiating with potential financial and strategic partners to build a new electric vehicle battery factory, which will invest up to 3 billion euros. Porsche said that it is considering sites near Germany, the United States and Canada, and that the main factors for the final location will depend on whether local electricity prices are competitive and the supply of renewable energy. The battery capacity of the new plant will be as high as 20GWh. "it is very important to control energy costs reasonably," Lutz Meschke, Porsche's chief financial officer, told the media.
As for the second half of this year, Porsche said it still faces multiple challenges, including ensuring supply chain and spare parts supply, generally rising costs, etc., but as long as the global economy and supply chain situation do not deteriorate significantly, by the end of 2023, Porsche expects a return on group sales of 17% to 19%, while operating revenue is expected to be 40 billion to 42 billion euros.
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