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Current Press releases

Porsche moves full speed ahead with its electrification transformation and strengthens its new business in ChinaDriven by dreams for 75 years, Porsche is striding confidently forward on the road towards luxury electric mobility

• China remained the world's largest single market for Porsche for the eighth consecutive year, and has made notable progress in a number of new businesses.

• The electrification matrix continues to expand, deepening Porsche's uniqueness and leadership in the e-mobility era.

• Porsche China is building its local innovation circle while embracing Chinese consumption trends with acceleration in digital and innovation businesses.

• Porsche is celebrating the 15th anniversary of its corporate social responsibility in China, and will continue to give back to society and help more people realise their dreams.

Shanghai/Yangshuo. On 8 March, 2023, Porsche China released its annual performance results of the previous year: For the eighth consecutive year, China remained Porsche’s largest single market with 93,286 deliveries in 2022, accounting for 30 per cent of Porsche's global sales. In the face of multiple challenges and uncertainties, Porsche has maintained long-termism and high-quality resilient development, steadily advancing in a number of new business areas such as financial services, pre-owned cars and personalisation. Looking ahead to 2023, Porsche welcomes its anniversary year to mark “75 years of Porsche sports cars” and “15 years of Porsche’s corporate social responsibility in China”. The electrification transformation is continuing apace as the vehicle ecosystem is increasingly improves; digitalisation, innovation and sustainable development continue to deepen to keep up with the ever-changing nature of both the Chinese market and the times. With an enterprising attitude, Porsche is creating a future of luxury sporty mobility by leveraging its heritage and innovation. 。

"In 2022, Porsche China has overcome many difficulties to achieve resilient development in various business areas while maintaining steady growth. We are proud of what we have achieved given the complex situation last year," said Mr. Michael Kirsch, President and CEO of Porsche China. "As a luxury sportscar manufacturer, Porsche will unswervingly push forward with our electrification strategy at full speed, accelerate our digitalisation and intellectualisation in the local market, so as to continuously refresh the definition of exclusive luxury sportscars in the era of e-mobility."

Healthy and orderly business development with notable progress

Porsche's extensive and attractive product portfolio is a solid foundation for the company's steady development, and in 2022 Porsche introduced a series of heavyweight models to the Chinese market to meet the diverse needs of consumers. Among them, SUV models remained best-sellers in China, with new deliveries of the premium SUV Cayenne up 12 per cent year-on-year. The luxurious four-door Panamera achieved record growth in China, up 23 per cent year-on-year, demonstrating its strong market demand. In addition, Porsche launched two more derivatives of its first all-electric sports car Taycan——Taycan Cross Turismo and Taycan GTS, offering consumers a wider range of e-mobility options. As of now, Porsche has introduced a total of 21 pure electric and plug-in hybrid derivatives to China.

As the electrified product lineup continues to expand, Porsche’s electric transportation ecosys-tem is also becoming more sophisticated. Porsche Exclusive Charging now covers 121 Por-sche Centres in more than 80 cities, as well as core business areas and transport hubs in 25 cities. More than 580,000 third-party public chargers have been built in over 200 cities across the country. The convenient and reliable charging network, coupled with fast and safe Super-charging technology, provides a caring and intelligent service to ensure a worry-free driving experience for customers.

In addition to consolidating its product portfolio and optimising its services, Porsche has also steadily expanded its dealer network in China. By the end of last year, there were 146 sales sites operating in the Chinese mainland, Hong Kong and Macao, including six newly opened last year. The "Destination Porsche" retail concept has been rolled out to 20 per cent of the network as scheduled, significantly enhancing the digital experience in dealerships.

At the same time, Porsche China also achieved notable progress in a number of new businesses: the Porsche Pre-Owned Car business witnessed record transaction volumes in 2022, with orders up 3 per cent compared to the previous year. The financial market penetration rate remained stable at over 50 per cent, representing more than 46,000 contracts signed for the year. In addition, demand for Porsche personalisation continued to grow in China. The average uniqueness ratio across all six model lines reached 92 per cent in 2022, notably 99 per cent for the 911, 718 and Taycan models, meaning that almost every Porsche is unique.

Porsche has always place the safety of its customers first and has earned the trust of consumers for its high-quality products and services, which have been recognised by industry authorities on several occasions. In 2022, Porsche won five brand-level and six product-level awards in the studies by J.D. Power, a global leader in consumer insights and market research. For the fourth consecutive year, Porsche China was also awarded as a "Top Employer" for its diverse and inclusive corporate culture and outstanding employer brand strength.

Accelerating the electrification transformation at full speed while continuing to deepen brand advantages

E-mobility is a top priority in Porsche's future-oriented development strategy. By 2025, Porsche will have invested €15 billion in new technologies for e-mobility. In 2030, Porsche is aiming for the share of all newly delivered Porsche cars with a fully electric drivetrain to be over 80 per cent. More fascinating electric models are also in the pipeline: the fully-electric Macan is expected to begin deliveries in 2024, while the new generation of the 718 series is planned to be electrified in the mid-2020s. What’s more, Porsche plans to offer a highly attractive all-electric model in the D segment. Porsche is committed to its uniqueness and leadership even through the coming wave of electrification, staying true to the ultimate driving pleasure of a sports car.

E-mobility is an irresistible general trend, while Porsche remains open to the technology and is totally committed to double-e strategy: e-mobility and eFuels. eFuels have become the ideal complementary solution, which allows for combustion engine cars to remain on the road for decades to come without conversion or retrofit.

A pioneer in shaping competitiveness in digitalisation and innovation

China's digital economy has entered a new period of rapid growth, along with the main force of consumption having changed, triggering the rise of new consumption models, new channels, new services and new mindsets. In order to integrate more deeply into China's local consumer market, Porsche is shaping the brand's core competencies for the future by accelerating its digitalisation and innovation strategies.

On the digital front, Porsche transcends its unique brand fascination into the virtual world, accelerating the creation of its own digital assets and further catering to the digital consumption needs of young Chinese consumers, especially the special preferences and individual propositions of Generation Z. In 2021, the brand ventured into the NFT market, offering exclusive design sketches for auction as NFT assets for the first time. In the same year, Porsche's China Innovation Office initiated a virtual influencer project, leading to a strategic investment by Porsche Ventures in the start-up iMaker. Last Christmas, Porsche's first amusement park in the cloud – Porsche Dreamverse, officially launched. With a 10-day initial trial period, players were able to feel the unique charm of Porsche's heritage, community culture and racing spirit through online games and interactions. Earlier this year, Porsche China also launched its first NFT collection, "911 - The Dreamers", marking a brand-new chapter in the exploration of WEB 3.0 community. The world's first exclusive virtual art gallery by an automotive brand, Porsche Virtual Art Gallery, also went live at the end of February, becoming a new touchpoint for Porsche to engage in dialogue and resonate with young consumers.

In the future, Porsche will continue to offer more digital solutions that are suitable for the Chinese market through four business directions: Digital Products for Porsche, Connected Products & services, Customer Innovation, as well as Forward 31.

Innovation is an integral part of the Porsche DNA. Porsche China has always been focused on bringing innovation to its products, services and business models, exploring multiple solutions in a wide range of topics on customers, products, solutions for industrial enterprises, sustainability and other areas beyond mobility. In 2022, with the opening of the Porsche R&D Satellite and the establishment of the Porsche Engineering Beijing office, Porsche has further expand-ed its R&D matrix in China and enhanced its local R&D capabilities. At the same time, Porsche has also set up a local innovation circle between the Porsche China Innovation Office, Porsche Digital China and Porsche Ventures to synergise resources and convey a singular voice from China. Last year, Porsche increased its funding for innovation projects in China by almost 90 per cent year-on-year, increasing the proportion of Porsche's global innovation investment by 12.4 percentage points, and supported eight local innovation incubation projects.

Empowering the future with a firm commitment to sustainable development

Porsche is committed to being a pioneer in the field of sustainability, upholding ESG as a guiding principle and framework for development and taking an active role in corporate social responsibility in the environmental, social and culture fields. Porsche aims to achieve net carbon neutrality across the entire value chain by 2030, including a net carbon-neutral use phase for future pure electric models. Last year, Porsche also joined the United Nations Global Compact, further underscoring the brand's aspiration to reconcile business activities with ecological considerations and fair working conditions.

The year 2023 marks the 15th anniversary of Porsche's Corporate Social Responsibility in China. From the first donation to the Wenchuan earthquake relief efforts in 2008 to the end of 2022, Porsche has donated a total of RMB 164 million to Chinese society through the “Em-powering the Future” CSR programme, benefiting more than 520,000 people nationwide focusing on three main action areas: education, art and culture, as well as Dealer CSR Fund.

"In the face of structural changes in the global automotive industry and the explosive growth of the new energy market, Porsche is striving to become the iconic luxury sportscar brand in the era of e-mobility," said Michael Kirsch. "As we celebrate the 75th anniversary of the Porsche brand this year, we will give back to the Chinese market with even more enthusiasm, an even more attractive product range and an exciting service experience to meet the rising consumer expectations of Chinese customers."

3/9/2023

Further information and pictures for journalists and media representatives can be found on the Porsche press database at http://presse.porsche.de/.