On March 18, Porsche Online held the global 2022 press conference to announce its market performance in FY2021, once again consolidating its position as "one of the world's most profitable car manufacturers" with outstanding results, and hitting record highs in both operating income and sales profit.
Operating income climbed to EUR 33.1 billion in 2021, an increase of EUR 4.4 billion from the previous fiscal year and an increase of 15% year-on-year (operating income in FY2020 was EUR 28.7 billion). Profit from sales was EUR 5.3 billion, an increase of EUR 1.1 billion (27 percent) from the previous fiscal year. As a result, Porsche achieved a return on sales of 16.0% in FY2021 (14.6% in the previous fiscal year).
New vehicle deliveries hit a new record of 301,915 units (FY2020: 272,162 units), an increase of 11% year-on-year, and all major sales markets contributed positively to this. China has been the world's largest single market for Porsche, with 95,671 new car deliveries, up 8% year-on-year.
The Macan became the best-selling model, delivering a total of 88,362 new cars worldwide, up 13% year-over-year. Porsche's first all-electric sports car, the Taycan, is selling well worldwide, with new car deliveries more than doubling in 2021 compared to 2020 to 41,296 units. Porsche's North American market grew significantly, with deliveries in the U.S. exceeding 70,000 units, up 22% year-over-year. The European market also saw very positive growth: in Germany alone, Porsche's new car deliveries increased by 9 percent to almost 29,000 units.
Oliver Blume, Chairman of the Executive Board of Porsche Worldwide, said: "Our excellent performance is based on bold, innovative and forward-looking decisions. The automotive industry is undergoing perhaps the greatest transformation in history, and we have developed a strategic approach early on and are steadily moving forward in our operations. All achievements are due to teamwork. ”
Lutz Meschke, Vice Chairman and Member of the Executive Board of Porsche Worldwide and responsible for Finance and Information Technology, believes that in addition to an attractive product portfolio, a healthy cost structure is also the basis for Porsche's excellent performance. "Our business data reflects the company's superior profitability," he said. It proves that even in a difficult market environment such as chip supply shortages, we have achieved value-creating growth and demonstrated the robustness of a successful business model. ”
Guarantee profitability in a complex market environment
In FY2021, Porsche's global net cash flow increased by EUR 1.5 billion to EUR 3.7 billion (previous fiscal year: EUR 2.2 billion). The "Profit Plan 2025" has been very effective, and Porsche has further improved its profit efficiency. More than 3,000 specific suggestions were received from employees, many of which have already been adopted. This is not a simple cost control plan, but an innovation of the entire company's processes, the development of new business ideas and increased profitability.
The current tense world situation requires restraint and prudence. Obermu said: "Porsche is concerned and concerned about the armed conflict in the Ukrainian region. We hope that both sides will cease hostilities and resolve the dispute diplomatically. The safety of people's lives and the dignity of humanity are essential. "To help people affected by the conflict in Ukraine, Porsche Worldwide has donated 1 million euros. A task force of experts is conducting an ongoing assessment of the impact on Porsche's business activities. The supply chain at Porsche factories has been affected to some extent, which means that in some cases production cannot be carried out as scheduled.
Accelerate the electrification process across the board
Porsche is on the fast track to electrification and ramping up its electrification product offensive. In the mid-1920s, the 718 series was planned to be fully electrified, and Porsche also planned to launch a hybrid model of the 911, focusing on a very dynamic approach to driving, similar to hybrid racing cars in the race.
Porsche has announced plans to become carbon neutral by 2030, and by 2025, half of Porsche's new global deliveries are expected to be electrified, both electric and hybrid; by 2030, pure electric models are expected to account for more than 80% of new car deliveries.
To achieve this ambitious goal, Porsche is working with partners to invest in the construction of high-end charging stations, as well as Porsche's own charging infrastructure. In addition, Porsche has invested heavily in core technologies such as battery systems and battery module production. The newly formed Cellforce company is focusing on the development and production of high-performance batteries, which are expected to be in series production by 2024.
In China, Porsche continues to accelerate the electrification process around the product and vehicle ecology, and continues to enrich the electric mobility life of Chinese customers. Two Taycan spin-offs, the Taycan GTS and the Taycan Cross Turismo, are about to debut in Asia at the 2022 Beijing International Auto Show and launch pre-sales. At that time, Porsche's lineup of new energy models in China will be expanded to 21 models. In addition to the increasing offensive of electrification products, Porsche China has been accelerating the construction of a customer-friendly car ecology through fast and safe supercharging technology, continuously expanding the reliable and convenient charging network, and relying on local research and development strength to provide customers with intimate and intelligent services.