Normal automakers are cooking up dozens of excuses for their 2020 performance, but Porsche is unstoppable. Driven by the incredible 992-series 911 and the Taycan's popularity, the value of the brand surpassed 2019's numbers by $119 million dollars. This puts a total value at $34 billion, and it justifies Porsche as being the cornerstone of the VW empire.
“The financial year 2020 was successful for Porsche – despite challenging circumstances,”- Chairman Oliver Blume
Deliveries of 272,000 cars was only down 3% despite being shutdown during the outbreak. They saw a 14.6% return on sales to yield an operating profit of 4.99 billion. With more than 20,000 Taycans delivered, Porsche has opened a door to electric car enthusiasts who would have never considered the brand before.
Covid forced all automakers into a precarious situation, but Porsche saw it as an opportunity to trim some fat. Without losing any of their 36,000 employees, they eliminated waste by improving logistics and cancelling corporate expenditures that no longer made sense. Every worker received a Christmas bonus of $9,332 for helping make that a reality. "Profitability Programme 2025" is a plan to grow the business by 11.8 billion over the next four years, and you will see it happen here. Stay with us for all your industry insights.
Images (C) Porsche A.G.