Revenue, profits, deliveries and cash flow have hit record highs. Porsche’s main theme in 2022 is that the situation is great.
On March 13, Porsche announced its 2022 financial report at its headquarters in Stuttgart, Germany. It was also the luxury supercar brand’s first financial report after its IPO. Oliver Blume, Porsche’s global executive director who is also the CEO of the Volkswagen Group, made no secret of his satisfaction.
Sentiment: “We achieved the strongest fiscal year results in Porsche’s history.”
In 2022, the Porsche Group set four historical records: operating income of 37.6 billion euros, a year-on-year increase of 13.6%; sales profit of 6.8 billion euros, a year-on-year increase of 27.4%; 309,884 new cars were delivered, a year-on-year increase of 2.6%; the net cash flow of the automotive business also increased
Reached a record high, increasing from 3.7 billion euros to 3.9 billion euros.
Specific to the contribution of various Porsche models to sales, Cayenne is still the mainstay of the group. Nearly 96,000 new cars will be delivered in 2022, a year-on-year increase of 15%, accounting for nearly 31% of the total deliveries in 2022.
In addition, the totem model 911 new car delivery volume also exceeded 40,000 units, a year-on-year increase of 5%.
However, due to supply chain bottlenecks and vehicle parts shortages, Porsche's first pure electric sports car Taycan delivered 34,801 units worldwide, a year-on-year decrease of 16%.
In Porsche’s 2022 harvest year, China still plays a vital role, retaining its title as the largest single market for eight consecutive years.
Although sales in the Chinese market fell by 2% last year, Porsche's sales revenue bucked the trend and increased by 27%.
Sales in China have declined, but revenue has soared, which actually reflects the positive feedback from Porsche's many adjustments in 2022.
Lutz Meschke, Vice Chairman and Member of the Executive Board of Porsche AG responsible for Finance and Information Technology, said: “Our success is due to our mature price positioning, strong product portfolio, and growth in new car sales (excluding the Chinese market).
, the positive impact of exchange rates and our stringent cost controls."
2022 is also the year of a new chapter for Porsche. This ultra-luxury sports car brand completed its split from the Volkswagen Group on September 29, was officially listed on the Frankfurt Stock Exchange, and was quickly included in the German Stock Index (DAX) 81 days later.
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Although the Federal Reserve and the European Central Bank released strong signals to raise interest rates, and the conflict between Russia and Ukraine triggered the European energy crisis, Porsche went in the opposite direction and firmly believed that "the more volatile the market, the more fund managers need stable and profitable companies like Porsche."
Figure business to invest.”
Shortly after its listing, Porsche's market value surpassed that of Mercedes-Benz and its parent company Volkswagen Group. As of February 28, 2023, Porsche's market value was approximately 108 billion euros, making it the world's third most valuable car company after Tesla and Toyota.
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In the 2022 fiscal year, the Porsche Executive Board proposed to the annual shareholder meeting a dividend payment of 911 million euros, plus an additional dividend of 5 million euros on preferred shares, for a total amount of 916 million euros, equivalent to a dividend of 1.00 euros per ordinary share and 1.00 euros per preferred share.
The dividend per share is €1.01.
The more important significance of Porsche's listing is to raise food for the Volkswagen Group's smart electrification transformation battle.
Meschke said bluntly: "We can freely exploit the synergies with the Volkswagen Group."
In fact, the Volkswagen Group also disclosed on the 14th that it plans to invest 180 billion euros in business directions with the greatest profit potential from 2023 to 2027, including promoting the group’s battery strategy, expanding business in North America, and strengthening digital capabilities and products in China.
Competitiveness, etc.
Backed by the Volkswagen Group, Porsche will also promote its electrification process, and the PPE platform will take the lead in the next stage.
Based on the PPE platform, Porsche will launch a pure electric Macan in 2024, a pure electric 718 in 2025 (mid-2020s), and then a pure electric Cayenne.
Based on the Cayenne positioning, Porsche plans to launch a new pure electric SUV, and the new car will be built on the Volkswagen Group's SSP super scalable platform.
Porsche's ultimate goal is that by 2030, pure electric models will account for more than 80% of its new cars sold.
In Porsche's new energy transformation, plug-in hybrids and e-Fuels will also play an important role.
Porsche said that the Cayenne will be upgraded in 2023. The third-generation Cayenne will launch three plug-in hybrid derivatives with more reliable cruising range.
At the same time, the new chassis system will also allow the model to adapt to a variety of driving scenarios, balancing the on-road performance, long-distance comfort and off-road capabilities that Porsche is good at.
e-Fuel is a compromise product in Germany amid protests against the EU's 2035 ban on the sale of fuel vehicles.
The so-called e-Fuel is a synthetic fuel that is theoretically more environmentally friendly than current fossil fuels.
In 2022, the eFuels synthetic fuel pilot plant built by Porsche and its partners in Chile will be put into operation.
Obomu said: "At this point, our eFuels synthetic fuel has officially entered the industrial mass production stage." Regarding software, Sajjad Khan will join Porsche in 2023 and be responsible for the new vehicle IT business.