Text | Tao Wenbo
Design | microcosm
Porsche that left Volkswagen is still Porsche, and Volkswagen that loses Porsche is still Volkswagen.
As the biggest beneficiary of the platform strategy of the Volkswagen Group, the Porsche brand has won a model in the "post-fuel era", even in the current wave of electrification, with its unique software and hardware integration ideas and extraordinary mechanical skills, it still has the full confidence to confront the head of the new energy forces.
What is even more surprising is that affected by the intensification of the conflict between Russia and Ukraine, the stock prices of major European stock indexes, including the German DAX index, and the stock prices of major companies have fallen across the board.
However, the Volkswagen Group has always stood tall in such a tragic situation, and until the close of last Friday, it still stubbornly stood on the 185 euro mark.
The many reasons behind this may be mysterious, but it is certain that the independent listing plan of Porsche, the group's "gold-sucking devil", has played a role in fueling the waves, playing a very positive role in the capital appreciation of the brand.
According to official sources, the plan was finally approved by the Supervisory Board of Volkswagen Group on February 24 and February 25, respectively, local time, and confirmed by Mr. Arno Antlitz, director of Volkswagen Group Finance.
Everything in the world is always inseparable from gain and loss and unity will be divided for a long time.
To be sure, the "dark horse" Porsche from Stuttgart undoubtedly combines all the fantasies in one, whether in terms of brand spirit or product style, it is very desirable, and has made an excellent example for many luxury brands in terms of product exploration and quality reputation.
Excellent quality control, extreme performance and a rich product line architecture combine to give Porsche the reputation of "middle class ceiling".
If you think that the 911 is too high-end, the Macan, which costs "only" six or seven hundred thousand, is always relatively easy to touch, and it is indeed not much more expensive than the BMW X3 and Mercedes-Benz GLC.
Because of this, Porsche can be called a lonely defeat in making money, and has been at the top of the net profit ranking of car companies for many years, and the financial business supporting it has also done a lot of attention.
Of course, the contribution of volkswagen group's platform strategy in reducing costs and improving process efficiency cannot be ignored, including Macan, Cayenne and other hot sales force are sharing platforms with Volkswagen and Audi models, and enjoy more high-quality quality control standards and top-level matching and tuning processes.
The so-called fame and fortune, but so.
From the eyes of many industry insiders, the brilliant Porsche brand and the Volkswagen Group are sooner or later but irreversible endings, especially in the electric age, porsche and Volkswagen's lingering subordinate relationship is not conducive to their respective business development and financing health, not conducive to the long-term plan of both parties to catch up with tesla and other new power brands.
In fact, Porsche is not the first ultra-luxury brand to be independently listed, Ferrari and Aston Martin were the early pioneers of this development route, of which Ferrari performed particularly well.
In 2015, the Ferrari brand was listed in North America at an issue price of $52 per share, raising $893 million over the same period. The following year, Ferrari officially left its parent company Fiat Chrysler to start a solo career.
As of Friday, Ferrari shares were $213 and the latest total market capitalization reached $52.7 billion. At the same time, according to the company's 2021 financial report, Ferrari delivered 11,200 units, an increase of 22.3% year-on-year.
In this way, Porsche's attempt to replicate Ferrari's brilliance is not a surprising trick.
From an objective point of view, Porsche's grand blueprint, although there is a sense of crisis in heaven and hell, the reason is indeed clear purpose and "simple", that is, the ambition for the future market share of electric vehicles and the desire for funds needed for development. In accordance with Porsche's operating conditions and profitability, the capital markets will do their best to support and facilitate all this.
Market participants expect that if Porsche is finally listed independently, with a valuation of about 60 billion to 85 billion euros, it is more likely to become the largest IPO in the history of Germany and even Europe.
According to the preliminary plan currently disclosed, Porsche's share capital will be divided into 50% preferred shares and 50% ordinary shares, with a maximum of 25% preferred shares on the market at the time of the initial public offering.
At the same time, Porsche's separate listing could provide Volkswagen with new financing channels to further advance its vehicle electrification, develop new technologies such as autonomous vehicles, and build a new battery business for its electric vehicles.
Some people may ask, referring to the gap between the Porsche brand and volkswagen group and Tesla, even if these two veteran strongmen have further optimized the allocation of resources through share restructuring and capital transfer, then in the future, the first batch of research and development funds needed to be paid is also counted in hundreds of billions of euros, which is undoubtedly a huge expenditure for Volkswagen and Porsche, through financial games to make up for gaps or stretched.
As for the tens of billions of euros of capital return expected by financial professionals, it may be enough to satisfy Volkswagen Group CEO Herbert Diess, but compared with the capital needs of the near future strategy, there is still a drop in the bucket.
Therefore, behind the huge plan, there are bound to be forces from more fields and levels to participate in the game, and they will do their best to make good use of Porsche' IP with good strength and style and a huge mass of volkswagen groups, trying to put pressure on new forces such as Tesla in multiple directions, and ultimately eliminate the possibility of a monopoly.
There is no doubt that Porsche's "solo flight" provides the best stage for the next round of "shuffle action".
On the other hand, the external impact of uncertainties cannot be ignored, and the once smooth auto consumer market has also been repeatedly impacted.
Therefore, can Porsche's independent listing really create a new and more vital ultra-luxury brand for high-level capital and ordinary consumers, as the industry's top executives and media opinions say?
This is not a question that is easy to give a definite answer, and it is hoped that Porsche will show the endurance and vitality that matches the ability to make money in this process.