Text | Hua Shang Tao Li Zhang Xuanmo
Porsche or "New Year"?
Recently, according to overseas media reports, volkswagen group officially issued a statement saying that it is discussing a potential IPO with the board of directors of Porsche Automotive Holding Company, and the two sides have reached a framework agreement.
Once the agreement is signed, Wall Street estimates that porsche groups could be worth 60-80 billion euros, equivalent to 4/5 of volkswagen groups, and will also be the largest IPO in Europe.
In the last century, Volkswagen and Porsche were a pair who loved and killed each other.
In 1931, an engineer at Daimler Cars, ostracized, chose to leave his job to find another way out, he was Ferdinand Porsche, the future man who built the Porsche Empire.
As a newcomer to the business world, he maintained a reverence for the automotive industry, and even though he was experienced, he had never been involved in automobile manufacturing, and the early Porsche company always focused on consulting and design services. Subsequently, Ferdinand Porsche joined Volkswagen and designed the famous Porsche 60, also known as volkswagen type I.
Two brands, one root, multiple product lines, after all, the same destination. Both Porsche and Volkswagen have ambitions to devour each other.
In 2004, the opportunity finally came. This year, due to the brand building relationship, Volkswagen's financial data was extremely poor, and the capital chain was on the verge of being broken. In contrast, Porsche Company, because it takes the high-end car brand route, although the sales volume is one-thirtieth of Volkswagen, but the bicycle profit is extremely high, cash is abundant.
In order to help the public survive, Porsche executive Wolganov began to buy shares of Porsche in the market. Until October 2005, Porsche's shareholding in Volkswagen reached 18.53%. Limited by the restrictions of the Volkswagen Law at that time, Porsche's shareholding ratio must exceed 20% to have an absolute right to speak to the public. So far, he is still one of many shareholders.
Fast forward to 2007 and things took a turn for the better. The EU claimed that, in order to guarantee capital flows in European financial markets, it proposed to vote to repeal the Popular Law. This time, Porsche was finally free of restraints. By borrowing heavily from foreign debt, Porsche increased its chips to 42.6 percent in an attempt to quickly complete the annexation.
However, at this moment, an accident occurred. In 2008, a powerful financial storm broke out in the European and American markets, due to the accumulated debt and the price war with the German government, Porsche owed a high debt in addition to cash, and Volkswagen swallowed the dying Porsche due to the government's investment in the work.
This century war came to an end in a very dramatic way.
Since its incorporation into Volkswagen, Porsche has been one of the most "favored" luxury car brands under the Volkswagen Group.
As a high-end series of luxury cars, Porsche's profit level is far higher than that of other series of cars of the Volkswagen Group. According to market survey statistics, the Volkswagen Group will sell 8.882 million cars to the world in 2021, and Porsche deliveries account for 1/30, which does not seem to be very prominent from the sales data, but Porsche has generated a profit of 3.4 billion euros for the Volkswagen Group, of which pre-tax profits account for nearly one-third of the Volkswagen Group.
With such a high premium capacity and a high level of popularity, it is difficult not to let capital pay for it.
In order to help the Volkswagen Group as a whole complete its attack on the field of electrification and win greater investment, Porsche's independent listing has become the optimal solution.
Herbert Diess, CEO of Volkswagen Group, once said bluntly: "The Porsche IPO was a turning point and further ignited the momentum of our transition to electric vehicles.
An IPO is far from the end of Porsche.
Its more ambitious purpose is to carry a huge amount of money to help Volkswagen enter the field of electric vehicles.
When the Volkswagen Group released its 2030 NEW AUTO strategy, it deliberately planned in detail in new energy vehicles, and by 2030, its investment in electrification and digitalization will reach 60 billion euros (about 500 billion yuan).
Volkswagen Group CEO Herbert Diess said they are confident of surpassing Tesla to become the world's largest automaker by 2025. Volkswagen, Audi and Porsche will take on the transformation. According to the plan, Porsche will be fully electrified by 2030.
It is good to shine the sword against the enemy, but the road to success is also full of thorns.
In 2021, Volkswagen sold 70,625 new energy vehicles in China, down nearly three percent from its target of 100,000.
Volkswagen's road to transformation is still a long one.
As a trump card in its hands, Porsche's IPO path will be able to play a beautiful battle in the European market and even in the global market, we will wait and see.
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