Porsche AG achieved the strongest financial result in the history of the company in 2022 with sales revenue of 37.6 billion euros, 13.6% higher than 2021 (33.1 billion euros).
The operating profit was 6.8 billion euros, exceeding the previous year’s figure by 1.5 billion euros (an increase of 27.4%).
Deliveries and automotive net cash flow also reached new all-time highs in 2022. The operating return on sales rose from 16% to 18%. This year, the Stuttgart sports car manufacturer is pushing its strategy of modern luxury forward and has started its ambitious Road to 20 programme to ensure its long-term profit goal.
“In difficult conditions, we achieved the strongest result yet by some distance,” says Oliver Blume, Chairman of the Executive Board.
“We were also able to offer our customers exciting new products yet again in 2022. This is the result of a great team performance.”
Porsche AG was able to deliver 309,884 vehicles to customers in 2022 in spite of the effects of the war in Ukraine, the challenges of the coronavirus pandemic, and global supply chain disruptions.
This corresponds to an increase of 2.6% compared to 2021 (301,915 vehicles). In the 2022 financial year, automotive net cashflow increased from 3.7 billion euros to 3.9 billion euros.
“Our success factors are improved price positioning, the strong product mix, the increase in vehicle sales, exchange rate effects, and our strict cost discipline,” says Lutz Meschke, Deputy Chairman and Member of the Executive Board for Finance and IT.
Road to 20
In 2023, the company started its ambitious Road to 20 programme, with which Porsche is aiming for an operating return on sales of more than 20% in the long term.
“With the Road to 20 we are making Porsche even more resilient and our brand stronger than ever,” says Meschke.
“And we’re going to take a fresh look at everything, from our product range and pricing to our cost structure. We want to increase the quality of our contribution margins and make our products even more attractive.”
The sports car manufacturer heralded a new era on September 29, 2022 with the biggest IPO in Europe (in terms of market capitalisation).
“We can now become even more focused and pick up even more speed,” Meschke says.
“The newly attained autonomy gives us additional entrepreneurial freedom. We will strengthen specific capabilities in key areas such as software and battery technology.”
Ambitious strategy with the all-electric Cayenne
Porsche wants to continue with its ambitious electrification strategy. The all-electric Macan has reached the home straight and will be available to customers in 2024.
The all-electric 718 is planned for the middle of the decade. In the medium term it will only be available as an all-electric model. It will be followed by the all-electric Cayenne. The fourth generation of the SUV will underline Porsche’s goal of delivering more than 80% of its new vehicles as all-electric models in 2030.
Porsche is also planning to expand its product portfolio upwards with an all-electric SUV positioned above the Cayenne. This new vehicle concept is designed to offer strong performance and automated driving functions with the typical Porsche fly line, along with a completely new experience inside the vehicle. This will be based on the platform SSP Sport developed by Porsche.
“We are thereby underlining and strengthening our sporty luxury positioning. We are observing growing profit pools in this segment, in particular in China and the US,” Blume says.
During 2023, the Cayenne is already set to undergo one of the most comprehensive upgrades yet. The updates to the third-generation model include three further-developed plug-in hybrids with greater ranges. Thanks to a new chassis, there will also be an even wider breadth of abilities, balancing the on-road performance for which Porsche is famous, long-distance comfort and off-road capability.
Porsche has also set itself ambitious sustainability targets. Within the scope of its strategy, the company is working towards a net carbon neutral value chain for its vehicles in 2030. This also includes a net carbon-neutral use phase for future BEV models (based on an assumed total mileage of 200,000 kilometres per vehicle).
Making a comeback at the 100th Le Mans 24 hour race
In 2023, Porsche is celebrating 75 years of sports cars manufacturing and 60 years of the iconic 911 model. In June, Porsche is making its comeback at the 24 Hours of Le Mans. On the 100th anniversary of the classic race, it will once again be fighting for overall victory with the newly developed Porsche 963.
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