Current Press releases
Porsche embarks on a new chapter in venture capital business in China by launching a RMB fund in collaboration with CICC
Shanghai/Stuttgart. Porsche Ventures, in collaboration with China International Capital Corporation (“CICC”), has launched its first Venture Capital fund in China and completed its filing with the Asset Management Association of China. This partnership aims to further strengthen early-stage equity investments in Chinese startups, providing robust support for Porsche’s innovation agenda in the Chinese market.
As one of the world's most dynamic markets, China attracts global attention with its rapidly evolving automotive and startup ecosystem. Through this Venture Capital fund, Porsche Ventures will engage more flexibly with the growth of Chinese startups and actively drive technological advancement in the automotive industry. This move not only deepens Porsche's roots in the Chinese market but also provides strong support for the company's future-oriented strategies globally. “This fund reinforces our commitment to fostering innovation in the automotive industry and marks a crucial step towards shaping the future of mobility,” says Lutz Meschke, Deputy Chairman of the Executive Board and Member of the Executive Board, Finance and IT at Porsche AG. “We aim to actively contribute to the growth and development of Chinese startups, while solidifying our position as an iconic brand in the rapidly evolving automotive landscape in China and beyond.”
As a renowned financial institution in China, CICC possesses extensive resources and experience in the local and global financial market, enabling it to provide comprehensive support for the operations of the fund. The collaboration between Porsche Ventures and CICC underscores the profound expertise of both parties in the automotive and financial industries. Together, both parties are dedicated to creating a more innovative and sustainable future mobility ecosystem, leveraging respective strengths to explore the potential of the Chinese market. This partnership will actively contribute to the high-quality development of Chinese startups in areas such as car and mobility, intelligent enterprise, and sustainability.
This RMB fund established by Porsche Ventures and CICC is the first Venture Capital fund which bears the name Porsche in its title, and will be the exclusive channel through which Porsche invests in early-stage startups in China over the coming years. Porsche Ventures remains committed to the principles of openness, cooperation, and mutual benefit. Actively participating in the development of the Chinese market, this collaboration with CICC will inject vitality and innovation into the future of mobility. This partnership fund will further develop a new paradigm of reciprocal cooperation in Corporate Venture Capital, propelling the transformation and upgrading of the automotive industry.
About Porsche China
Porsche was founded by Prof. Dr. Ferdinand Porsche in Stuttgart, Germany, in 1931 and was then transformed into a sports car manufacturer by Ferry Porsche in 1948. Porsche has been known as one of the most prestigious automobile brands in the world for decades. True to the core brand value of performance, Porsche leads the way in providing a new generation of sports cars that prove performance and efficiency can be perfectly combined.
Since entering the Chinese mainland in 2001, Porsche China has been dedicated to bringing the sporty genes and innovative spirit of the marque to Porsche enthusiasts in this dynamic market. In Porsche’s network in China, customers can experience the unlimited appeal of Porsche’s iconic sports cars: the legendary 911 series, the renowned 718 Boxster and Cayman mid-engine sports cars, the luxurious Cayenne premium SUV, the dynamic and pioneering Macan SUV, the luxurious four-door Panamera with pure sports genes and the all-electric Taycan with four-door sports saloon. Each demonstrates excellence in performance, exquisite design, and consistent commitment to perfect quality that Porsche embodies. Across Chinese mainland, Hong Kong and Macau, there are now 155 sales sites in operation, ensuring that Porsche customers across the country receive the hallmark personalised care that sets Porsche apart around the world.
or more information or enquiries, please visit us at www.porsche.cn Or contact:
| Porsche China |
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| Ms. Jojo Tang |
Vice President Public Relations and Press |
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jojo.tang@porsche.cn |
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| Ms. Stephanie Wu |
Senior Manager Public Relations and Press |
| Email |
stephanie.wu@porsche.cn |
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| Ms. Elisa Zhang |
Manager Public Relations and Press |
| Email |
elisa.zhang@porsche.cn |
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| Mr. Kiwi Zhou |
Manager Public Relations and Press |
| Email |
kiwi.zhou@porsche.cn |
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| Ms. Grace Qu |
Manager Public Relations and Press (North) |
| Email |
grace.qu@porsche.cn |
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| Ms. Catherine Chen |
Manager Public Relations and Press (Central) |
| Email |
catherine.chen@porsche.cn |
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| Ms. Daisy Dai |
Assistant Manager Public Relations and Press (South) |
| Email |
daisy.dai@porsche.cn |
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| Tel |
(86-21) 61565 911 |
| Press fax |
(86-21) 50584 200 |
| Press website |
press.porsche.cn |
6/5/2024
Further information and pictures for journalists and media representatives can be found on the Porsche press database at http://presse.porsche.de/.
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