Porsche has achieved successful results in the year following its IPO, one of the largest in German history.
Oliver Blume, Chairman of the Board of Porsche AG, stated, “The successful IPO performance benefits all of Porsche’s customers, shareholders, and employees, allowing us to quickly select and focus on business priorities due to increased corporate autonomy and flexibility. This is more important than ever in the dynamic and challenging global environment.”
Porsche has established individual partnerships with Apple and Mobileye in the software sector following its public listing. Lutz Meschke, Vice Chairman of Finance and IT at Porsche AG, remarked, “Such forward-looking strides are crucial for continuously meeting customer expectations based on Porsche’s attractive products and unique brand experience.”
He also added, “The autonomy of the company accelerates brand growth, which can inspire customers even more. Not only shareholders, but employees will also benefit, laying the foundation for more secure and attractive job creation in the long term.”
On September 29, 2022, Porsche AG was listed on the capital markets with the largest IPO in Europe by market capitalization, and was quickly included in the German DAX index three months later in December.
Lutz Meschke emphasized, “Such a rapid entry demonstrates the strong trust of the market in Porsche’s brand, product strategy, and business model.”
Porsche is responding to this trust by achieving outstanding performance in group revenue, operating profit, and sales in the first half of this year. Oliver Blume stated, “The demand for Porsche sports cars is strong worldwide,” adding, “Porsche is continuously investing in its product portfolio, innovation, and digital ecosystem for a modern and sporty luxury strategy, striving to showcase attractive products unique to the brand.” He mentioned, “Particularly, among various priorities, we are focusing on limited editions and expanding the Sonderwunsch program, preparing for the future along with the significant theme of sustainability.”
Porsche aims for 80 percent of all new vehicles delivered by 2030 to be fully electric. The first fully electric model, the Taycan, is contributing to this goal, with the gradual electrification of the Porsche product line starting in 2024. The fully electric Macan will be delivered to customers in 2024, followed by the introduction of the fully electric 718 model in 2025. Additionally, the product portfolio will expand with the debut of the fully electric Cayenne and a new fully electric SUV positioned above the Cayenne.
Porsche AG has established a robust shareholder structure based globally. Lutz Meschke expressed, “We are particularly pleased with the high interest from individual shareholders. Even without owning a Porsche vehicle, one can become part of the Porsche family as a shareholder, and we have become closer to more people through the listing.”
The global financial market continues to face challenging situations. The uncertainty caused by interest rate hikes by central banks is one of the main reasons. At the same time, uncertainties in the Chinese economy are also increasing economic instability, affecting PAG911 stock prices.
Despite the ongoing macroeconomic difficulties, Porsche expects a group revenue of between 40 billion and 42 billion euros and an operating profit margin between 17% and 19% for the current fiscal year, provided there is no further deterioration in the global economy and supply situation. The long-term goal is to achieve an operating profit margin of over 20%.
Lee Sang-jin daedusj@autodiary.kr