Porsche: Difference between revisions
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===Relationship with Volkswagen=== |
===Relationship with Volkswagen=== |
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The company has always had a close relationship with, initially, the [[Volkswagen]] (VW) [[marque]], and later, the [[Volkswagen Group]] (which also owns [[Audi|AUDI AG]]), because the first [[Volkswagen Beetle]] was designed by [[Ferdinand Porsche]]. The two companies collaborated in 1969 to make the [[Porsche 914|VW-Porsche 914 and 914-6]], whereby the 914-6 had a Porsche engine, and the 914 had a Volkswagen engine, in 1976 with the [[Porsche 912]]E (USA only) and the [[Porsche 924]], which used many Audi components, and was built at Audi's [[Neckarsulm]] factory. [[Porsche 944]]s were also built there,<ref>{{cite web|title=The history of the Neckarsulm plant|url=https://www.audi-mediaservices.com/publish/ms/content/en/public/hintergrundberichte/2011/03/08/der_audi_standort/the_history_of_the.standard.gid-oeffentlichkeit.html|work=Audi MediaServices|publisher=Audi AG|accessdate=4 May 2011}}</ref> although they used far fewer Volkswagen components. The Cayenne, introduced in 2002, shares its entire chassis with [[Volkswagen Touareg]] and [[Audi Q7]], which is built at the [[list of Volkswagen Group factories|Volkswagen Group factory]] in [[Bratislava]]. In late 2005, Porsche took an 18.65% stake in the Volkswagen Group, further cementing their relationship, and preventing a takeover of Volkswagen Group, which was rumoured at the time. Speculated suitors included [[Daimler AG|DaimlerChrysler AG]], [[BMW]], and [[Renault]]. |
The company has always had a close relationship with, initially, the [[Volkswagen]] (VW) [[marque]], and later, the [[Volkswagen Group]] (which also owns [[Audi|AUDI AG]]), because the first [[Volkswagen Beetle]] was designed by [[Ferdinand Porsche]]. The two companies collaborated in 1969 to make the [[Porsche 914|VW-Porsche 914 and 914-6]], whereby the 914-6 had a Porsche engine, and the 914 had a Volkswagen engine, in 1976 with the [[Porsche 912]]E (USA only) and the [[Porsche 924]],kpbej;ajdfsapiygALDKJSGBSUHIKJ which used many Audi components, and was built at Audi's [[Neckarsulm]] factory. [[Porsche 944]]s were also built there,<ref>{{cite web|title=The history of the Neckarsulm plant|url=https://www.audi-mediaservices.com/publish/ms/content/en/public/hintergrundberichte/2011/03/08/der_audi_standort/the_history_of_the.standard.gid-oeffentlichkeit.html|work=Audi MediaServices|publisher=Audi AG|accessdate=4 May 2011}}</ref> although they used far fewer Volkswagen components. The Cayenne, introduced in 2002, shares its entire chassis with [[Volkswagen Touareg]] and [[Audi Q7]], which is built at the [[list of Volkswagen Group factories|Volkswagen Group factory]] in [[Bratislava]]. In late 2005, Porsche took an 18.65% stake in the Volkswagen Group, further cementing their relationship, and preventing a takeover of Volkswagen Group, which was rumoured at the time. Speculated suitors included [[Daimler AG|DaimlerChrysler AG]], [[BMW]], and [[Renault]]. |
||
On 26 March 2007, Porsche took its holding of Volkswagen AG shares to 30.9%, triggering a takeover bid under [[Law of Germany|German Law]]. Porsche then formally announced in a press statement that it did not intend to take over Volkswagen Group (it would set its offer price at the lowest possible legal value), but intended the move to avoid a competitor taking a large stake, or to stop [[hedge fund]]s dismantling Volkswagen Group, which is Porsche's most important partner.<ref>{{cite news|title=Porsche triggers VW takeover bid|url=http://news.bbc.co.uk/1/hi/business/6494593.stm|work=BBC News |date=26 March 2007|accessdate=29 July 2008}}</ref> Porsche's move comes after the [[European Union]] moved against a German Law that protected Volkswagen AG from takeovers. Under the so-called "Volkswagen Law", any shareholder with more than 20% of the voting rights has veto power over any corporate decision in the annual general meeting – in effect, any shareholder in VW AG cannot exercise more than 20% of the firm's voting rights, regardless of their level of stock holding. (The local state government of [[Lower Saxony]] owns 20.1% of the shares.<ref>{{cite news|url=http://news.bbc.co.uk/2/hi/business/7843262.stm|title=Fast bucks: how Porsche made billions|accessdate=22 January 2009|publisher=BBC News |date=22 January 2009|first=Emily|last=Hughes}}</ref>) However, the [[European Court of Justice]] ruled against the law, potentially paving the way for a takeover.<ref>{{cite web|title=VW Law is a write-off|url=http://www.ManagementToday.co.uk/channel/StrategyOperations/news/754256/vw-law-write-off|work=Management Today|date=23 October 2007|accessdate=17 January 2009}} {{Dead link|date=September 2010|bot=H3llBot}}</ref> |
On 26 March 2007, Porsche took its holding of Volkswagen AG shares to 30.9%, triggering a takeover bid under [[Law of Germany|German Law]]. Porsche then formally announced in a press statement that it did not intend to take over Volkswagen Group (it would set its offer price at the lowest possible legal value), but intended the move to avoid a competitor taking a large stake, or to stop [[hedge fund]]s dismantling Volkswagen Group, which is Porsche's most important partner.<ref>{{cite news|title=Porsche triggers VW takeover bid|url=http://news.bbc.co.uk/1/hi/business/6494593.stm|work=BBC News |date=26 March 2007|accessdate=29 July 2008}}</ref> Porsche's move comes after the [[European Union]] moved against a German Law that protected Volkswagen AG from takeovers. Under the so-called "Volkswagen Law", any shareholder with more than 20% of the voting rights has veto power over any corporate decision in the annual general meeting – in effect, any shareholder in VW AG cannot exercise more than 20% of the firm's voting rights, regardless of their level of stock holding. (The local state government of [[Lower Saxony]] owns 20.1% of the shares.<ref>{{cite news|url=http://news.bbc.co.uk/2/hi/business/7843262.stm|title=Fast bucks: how Porsche made billions|accessdate=22 January 2009|publisher=BBC News |date=22 January 2009|first=Emily|last=Hughes}}</ref>) However, the [[European Court of Justice]] ruled against the law, potentially paving the way for a takeover.<ref>{{cite web|title=VW Law is a write-off|url=http://www.ManagementToday.co.uk/channel/StrategyOperations/news/754256/vw-law-write-off|work=Management Today|date=23 October 2007|accessdate=17 January 2009}} {{Dead link|date=September 2010|bot=H3llBot}}</ref> |
Revision as of 17:26, 19 December 2011
File:Porsche logotype.png | |
Company type | Societas Europaea, (Xetra: PAH3), (FWB: PAH3) |
---|---|
Industry | Automotive |
Founded | 1931 |
Founder | Ferdinand Porsche |
Headquarters | Stuttgart, Baden-Württemberg, Germany Atlanta, Georgia, USA |
Area served | Worldwide |
Key people | Ferdinand Oliver Porsche, Founder Wolfgang Porsche, Chairman Martin Winterkorn, President & CEO |
Products | Automobiles |
Services | Automotive financial services, engineering services |
Revenue | €7,466 million (2007/8) |
€8,589m (2007/8) | |
€6,392m (2007/8) | |
Total assets | 51,382,000,000 Euro (2021) ![]() |
Owner | Porsche family Qatar Investment Authority (10%) |
Number of employees | 12,202 (2007) |
Subsidiaries | Porsche Zwischenholding GmbH Volkswagen AG Porsche AG |
Website | Porsche-SE.com |
Footnotes / references scheduled to be merged under a mutual Volkswagen AG/Porsche SE "Integrated Automotive Group" in 2011[1][2] |
Porsche Automobil Holding SE, usually shortened to Porsche SE (German pronunciation: [ˈpɔʁʃə][3]) a Societas Europaea or European Public Company, is a German based holding company with investments in the automotive industry.
Porsche SE is headquartered in Zuffenhausen, a city district of Stuttgart, Baden-Württemberg and is owned by the Piëch and Porsche families, and Qatar Holdings, through the Qatar Investment Authority (10%).[4] Through its investment in Porsche Zwischenholding GmbH, it owns 50.1% of Dr. Ing. h.c. F. Porsche AG, which is the manufacturer of a range of sports cars and SUVs, and 50.7% of Volkswagen AG.
The company was founded as Dr. Ing. h. c. F. Porsche GmbH in 1931 by Ferdinand Porsche,[5] an Austrian engineer born in Maffersdorf, during the time of the Austro-Hungarian Empire, and Porsche's son-in-law Anton Piëch, an Austrian lawyer.
Corporate structure
Porsche SE was spun out of Dr. Ing. h.c. F. Porsche AG (Porsche AG) in June 2007 and became a holding company for its stake in Porsche Zwischenholding GmbH (50.1%) (which in turn holds 100% of Porsche AG) and Volkswagen AG (50.7%).[6][7] Since December 2009, Porsche SE lost control Porsche Zwischenholding GmbH, which as a result is now a joint venture between Porsche SE and Volkswagen AG. In August 2009, Porsche SE and Volkswagen AG reached an agreement that the two companies would merge in 2011, to form an "Integrated Automotive Group".[1][2]
Dr. Ing. h.c. F. Porsche AG (which stands for Doktor Ingenieur honoris causa Ferdinand Porsche Aktiengesellschaft), is responsible for the actual production and manufacture of the Porsche automobile line. The company currently produces Carrera (997), Boxster and Cayman sports cars, the Cayenne sport utility vehicle and the four-door Panamera. There are future models currently being developed by Porsche in Stuttgart, Germany.
Subsidiaries
Other subsidiaries and operating divisions include Porsche Consulting, Porsche Engineering, Porsche Design Group, Mieschke Hoffman (81.1%)[8] and Bertrandt (25%).[9]
Porsche Engineering Group (PEG) has for many years offered consultancy services to various other car manufacturers. Audi, Mercedes, Opel, Studebaker, SEAT, Daewoo, Subaru, Zastava Automobiles and others have consulted Porsche Engineering Group for their cars or engines. The Lada Samara[10] was partly developed by Porsche in 1984. Porsche Engineering Group also helped Harley-Davidson design the Revolution 60-degree v-twin water-cooled engine and gearbox that is used in their V-Rod motorcycle.[11]
History
![](http://upload.wikimedia.org/wikipedia/commons/thumb/9/96/Wappen_Volksstaat_W%C3%BCrttemberg_%28Farbe%29.svg/220px-Wappen_Volksstaat_W%C3%BCrttemberg_%28Farbe%29.svg.png)
Professor Ferdinand Porsche founded the company called "Dr. Ing. h. c. F. Porsche GmbH" in 1931,[12] with main offices at Kronenstraße 24 in the centre of Stuttgart. Initially, the company offered motor vehicle development work and consulting,[12] but did not build any cars under its own name. One of the first assignments the new company received was from the German government to design a car for the people, a German: Volkswagen.[12] This resulted in the Volkswagen Beetle, one of the most successful car designs of all time.[13] The Porsche 64 was developed in 1939 using many components from the Beetle.[12]
![](http://upload.wikimedia.org/wikipedia/commons/thumb/c/c8/Tiger_%28P%29.svg/220px-Tiger_%28P%29.svg.png)
![](http://upload.wikimedia.org/wikipedia/commons/thumb/0/07/Elefant_USAOM-01.jpg/220px-Elefant_USAOM-01.jpg)
During World War II,[14] Volkswagen production turned to the military version of the Volkswagen Beetle, the Kübelwagen,[14] 52,000 produced, and Schwimmwagen,[14] 14,000 produced. Porsche produced several designs for heavy tanks during the war, losing out to Henschel & Son in both contracts that ultimately led to the Tiger I and the Tiger II. However, not all this work was wasted, as the chassis Porsche designed for the Tiger I was used as the base for the Elefant tank destroyer. Porsche also developed the Maus super-heavy tank in the closing stages of the war, producing two prototypes.[15]
At the end of WW2 in 1945, the Volkswagen factory at KdF-Stadt fell to the British. Ferdinand lost his position as Chairman of the Board of Management of Volkswagen, and a British Army Major – Ivan Hirst was put in charge of the factory. (In Wolfsburg, the Volkswagen company magazine dubbed him "The British Major who saved Volkswagen."[16]) On 15 December of that year, Ferdinand was arrested for war crimes, but not tried. During his 20-month imprisonment, Ferdinand Porsche's son, Ferry Porsche, decided to build his own car because he could not find an existing one that he wanted to buy. He also had to steer the company through some of its most difficult days until his father's release in August 1947.[17] The first models of what was to become the 356 were built in a small sawmill in Gmünd, Austria.[17] The prototype car was shown to German auto dealers, and when pre-orders reached a set threshold, production was begun. Many regard the 356 as the first Porsche simply because it was the first model sold by the fledgling company. Porsche commissioned a Zuffenhausen-based company, Reutter Karosserie, which had previously collaborated with the firm on Volkswagen Beetle prototypes, to produce the 356's steel body. In 1952, Porsche constructed an assembly plant (Werk 2) across the street from Reutter Karosserie; the main road in front of Werk 1, the oldest Porsche building, is now known as Porschestrasse.[18] The 356 was road certified in 1948.
![](http://upload.wikimedia.org/wikipedia/commons/thumb/3/3c/DEU_Stuttgart_COA.svg/220px-DEU_Stuttgart_COA.svg.png)
Porsche's company logo was based on the coat of arms of Free People's State of Württemberg of former Weimar Germany, which had Stuttgart as its capital and became part of Baden-Württemberg after the political consolidation of West Germany in 1949. Not long afterwards, on 30 January 1951, Ferdinand Porsche died from complications following a stroke.
![](http://upload.wikimedia.org/wikipedia/commons/thumb/b/ba/1953-porsche-archives.jpg/220px-1953-porsche-archives.jpg)
In post-war Germany, parts were generally in short supply, so the 356 automobile used components from the Volkswagen Beetle including its internal combustion engine, transmission, and suspension. The 356, however, had several evolutionary stages, A, B, and C, while in production, and many Volkswagen parts were replaced by Porsche-made parts. The last 356s were powered by entirely Porsche-designed engines. The sleek bodywork was designed by Erwin Komenda who also had designed the body of the Beetle. Porsche's signature designs have, from the beginning, featured air-cooled rear-engine configurations (like the Beetle), rare for other car manufacturers, but producing automobiles that are very well balanced.
In 1964, after some success in motor-racing, namely with the Porsche 550 Spyder, the company launched the Porsche 911 another air-cooled, rear-engined sports car, this time with a six-cylinder "boxer" engine. The team to lay out the body shell design was led by Ferry Porsche's eldest son, Ferdinand Alexander Porsche (F. A.). The design phase for the 911 caused internal problems with Erwin Komenda, who led the body design department until then. F. A. Porsche complained Komenda made unauthorized changes to the design. Company leader Ferry Porsche took his son's drawings to neighboring chassis manufacturer Reuter. Reuter's workshop was later acquired by Porsche (so-called Werk 2). Afterward Reuter became a seat manufacturer, today known as Keiper-Recaro.
The design group gave sequential numbers to every project (356, 550, etc.), but the designated 901 nomenclature contravened Peugeot's trademarks on all 'x0x' names, so it was adjusted to 911. Racing models adhered to the "correct" numbering sequence: 904, 906, 908. The 911 has become Porsche's most well-known and iconic model – successful on the race-track, in rallies, and in terms of road car sales. Far more than any other model, the Porsche brand is defined by the 911. It remains in production; however, after several generations of revision, current-model 911s share only the basic mechanical concept of a rear-engined, six-cylinder coupé, and basic styling cues with the original car. A cost-reduced model with the same body, but 356-derived running gear (including its four-cylinder engine), was sold as the 912.
In 1972, the company's legal form was changed from Kommanditgesellschaft (KG), or limited partnership, to Aktiengesellschaft (AG), or public limited company, because Ferry Porsche and his sister, Louise Piëch, felt their generation members did not team up well.[citation needed] This led to the foundation of an Executive Board whose members came from outside the Porsche family, and a Supervisory Board consisting mostly of family members. With this change, no family members were in operational charge of the company. F. A. Porsche founded his own design company, Porsche Design, which is renowned for exclusive sunglasses, watches, furniture, and many other luxury articles. Ferdinand Piëch, who was responsible for mechanical development of Porsche's serial and racing cars, formed his own engineering bureau, and developed a five-cylinder-inline diesel engine for Mercedes-Benz. A short time later he moved to Audi, and pursued his career through the entire company, up to and including, the Volkswagen Group boards.
![](http://upload.wikimedia.org/wikipedia/commons/thumb/3/32/Porsche_912.jpg/220px-Porsche_912.jpg)
The first Chief Executive Officer (CEO) of Porsche AG was Dr. Ernst Fuhrmann, who had been working in the company's engine development. Fuhrmann was responsible for the so-called Fuhrmann-engine used in the 356 Carrera models, as well as the 550 Spyder, having four overhead camshafts instead of a central camshaft with pushrods, as in the Volkswagen-derived serial engines. He planned to cease the 911 during the 1970s, and replace it with the V8-front engined grand sportswagon 928. As we know today, the 911 outlived the 928 by far. Fuhrmann was replaced in the early 1980s by Peter W. Schutz, an American manager and self-proclaimed 911 aficionado. He was then replaced in 1988 by the former manager of German computer company Nixdorf Computer AG, Arno Bohn, who made some costly miscalculations that led to his dismissal soon after, along with that of the development director, Dr. Ulrich Bez, who was formerly responsible for BMW's Z1 model, and today is CEO of Aston Martin.
In 1990, Porsche drew up a memorandum of understanding with Toyota to learn and benefit from Japanese lean production methods. In 2004 it was reported that Toyota was assisting Porsche with hybrid technology.[19]
Following the dismissal of Bohn, an interim CEO was appointed, longtime Porsche employee, Heinz Branitzki, who served in that position until Dr. Wendelin Wiedeking became CEO in 1993. Wiedeking took over the chairmanship of the board at a time when Porsche appeared vulnerable to a takeover by a larger company. During his long tenure, Wiedeking has transformed Porsche into a very efficient and profitable company.
Ferdinand Porsche's grandson, Ferdinand Piëch, was chairman and CEO of the Volkswagen Group from 1993 to 2002. Today he is chairman of the Supervisory Board. With 12.8 percent of the Porsche voting shares, he also remains the second largest individual shareholder of Porsche AG after his cousin, F. A. Porsche, (13.6 percent).
Porsche's 2002 introduction of the Cayenne also marked the unveiling of a new production facility in Leipzig, Saxony, which once accounted for nearly half of Porsche's annual output. In 2004, production of the 456 kilowatts (620 PS; 612 bhp) Carrera GT commenced in Leipzig, and at EUR 450,000 ($440,000 in the United States) it was the most expensive production model Porsche ever built.
As of 2005, the extended Porsche and Piëch families controlled all of Porsche AG's voting shares. In early October 2005 the company announced acquisition of an 18.53% stake in Volkswagen AG (VW AG), and disclosed intentions to acquire additional VW AG shares in the future. As of June 2006, the Porsche AG stake in VW AG had risen to 25.1%, giving Porsche a blocking minority, whereby Porsche can veto large corporate decisions undertaken by VW AG.
In mid-2006, after years of the Boxster (and later the Cayenne) as the dominant Porsche in North America, the 911 regained its position as Porsche's backbone in the region. The Cayenne and 911 have cycled as the top-selling model since. In Germany the 911 clearly outsells the Boxster/Cayman and Cayenne.[20]
Relationship with Volkswagen
The company has always had a close relationship with, initially, the Volkswagen (VW) marque, and later, the Volkswagen Group (which also owns AUDI AG), because the first Volkswagen Beetle was designed by Ferdinand Porsche. The two companies collaborated in 1969 to make the VW-Porsche 914 and 914-6, whereby the 914-6 had a Porsche engine, and the 914 had a Volkswagen engine, in 1976 with the Porsche 912E (USA only) and the Porsche 924,kpbej;ajdfsapiygALDKJSGBSUHIKJ which used many Audi components, and was built at Audi's Neckarsulm factory. Porsche 944s were also built there,[21] although they used far fewer Volkswagen components. The Cayenne, introduced in 2002, shares its entire chassis with Volkswagen Touareg and Audi Q7, which is built at the Volkswagen Group factory in Bratislava. In late 2005, Porsche took an 18.65% stake in the Volkswagen Group, further cementing their relationship, and preventing a takeover of Volkswagen Group, which was rumoured at the time. Speculated suitors included DaimlerChrysler AG, BMW, and Renault.
On 26 March 2007, Porsche took its holding of Volkswagen AG shares to 30.9%, triggering a takeover bid under German Law. Porsche then formally announced in a press statement that it did not intend to take over Volkswagen Group (it would set its offer price at the lowest possible legal value), but intended the move to avoid a competitor taking a large stake, or to stop hedge funds dismantling Volkswagen Group, which is Porsche's most important partner.[22] Porsche's move comes after the European Union moved against a German Law that protected Volkswagen AG from takeovers. Under the so-called "Volkswagen Law", any shareholder with more than 20% of the voting rights has veto power over any corporate decision in the annual general meeting – in effect, any shareholder in VW AG cannot exercise more than 20% of the firm's voting rights, regardless of their level of stock holding. (The local state government of Lower Saxony owns 20.1% of the shares.[23]) However, the European Court of Justice ruled against the law, potentially paving the way for a takeover.[24]
On 16 September 2008, Porsche increased its shares by another 4.89%,[25] in effect taking control of the company, with more than 35% of the voting rights. It again triggered a takeover bid, but this time over Audi. Porsche dismissed the bid as a mere formality, since it is Porsche's intention to keep the corporate structure of the Volkswagen Group.
There has been some tension and anxiety amongst the Volkswagen Group workers, who fear that a Porsche takeover might signify a hardened production efficiency control, rejection of demands for payment rises or even personnel cuts.[26] Ferdinand Piëch and his cousin, Wolfgang Porsche, also seemed to be on a collision course.[26]
On 13 August 2009, Volkswagen AG's Supervisory Board signed the agreement to create an "integrated automotive group" with Porsche, led by Volkswagen AG. Volkswagen will initially take a 49.9 percent stake in Porsche AG by the end of 2009, and it will also see the family shareholders selling the automobile trading business of Porsche Holding Salzburg to Volkswagen AG.[27]
Corporate restructuring
Through the Volkswagen AG stake acquisition, Porsche reformed the company's structure, with Dr Ing. h. c. F. Porsche AG becoming a holding company, renamed "Porsche Automobil Holding SE",[28] and a new Dr Ing. h. c. F. Porsche AG operating company being formed in 2007.[29] Thus the operating activities are separated from holding activities of the company.[30] There was an Extraordinary General Meeting (EGM) for Porsche AG shareholders which took place on 26 June 2007, at the Porsche Arena in Stuttgart, Germany to discuss the change to the company structure. In the late 2009 VW (Also owned by AUDI) bought the controlling rights to Porsche. T[31]
On 3 March 2007, Porsche set the stage for obtaining a plurality stake in the Volkswagen AG. One day later Porsche sought to allay fears it would attempt to force a merger with Volkswagen Group.[32] By September, Porsche owned a 35.14% plurality stake in Volkswagen AG, effectively giving it control over the company.[33] Volkswagen Group expected the move, and welcomed Porsche's investment.[34]
In October 2008, Porsche announced its intent to raise its stake in Volkswagen AG to 75% during 2009, and on 7 January 2009, Porsche's holding in VW AG was raised to 50.76%.[35] Porsche's move automatically triggered a bid for Scania AB, because VW AG already had a controlling position in the Swedish truck-maker.[36] As Porsche had no strategic interest in the company, on 19 January, they offered the minimum price in that mandatory takeover bid.[37] Porsche SE owned 50.8 percent of Volkswagen Group as of 5 January 2009, and has said it plans to lift the stake to 75 percent before the end of 2009, at that level they could bring VW AG's cash onto Porsche's books.[38]
By March 2009, Porsche SE was aiming for its first ever credit ratings from U.S. rating agencies Standard & Poor's and Moody's.[39]
In its efforts to acquire a majority holding in Volkswagen AG, Porsche built up a large debt burden, aggravated by taxes due on very large paper profits from Volkswagen AG options. By July 2009, Porsche was faced with debts exceeding 10 billion euros. The supervisory board of Porsche finally agreed to a number of arrangements whereby the Qatar Investment Authority would inject a large amount of capital, and Porsche would be merged with Volkswagen Group. On 23 July 2009, Michael Macht was appointed CEO, to replace Wendelin Wiedeking, who is expected to receive a compensation package of 50 million euros.[40][41][42][43]
In July 2010, Porsche appointed Volkswagen executive Matthias Müller to its new CEO position, moving Michael Mauer to another executive position within Volkswagen AG.
New U.S. Headquarters and Customer Experience Center
In May 2011, Porsche North America announced plans to spend $80-100 million - but will receive about $15 million in economic incentives[44] - to move their North American headquarters from Sandy Springs, a suburb of Atlanta, to Aerotropolis Atlanta, a new mixed-use development on the site of the old Ford Hapeville plant adjacent to Atlanta's airport. Designed by architectural firm HOK, the headquarters will include a new office building and test track.[45][46][47]
Production and sales
The headquarters and main factory are located in Zuffenhausen, a district in Stuttgart, but the Cayenne and Panamera models are manufactured in Leipzig, Germany, and parts for the SUV are also assembled in the Volkswagen Touareg factory in Bratislava, Slovakia.[48] Boxster and Cayman production was outsourced to Valmet Automotive in Finland from 1997 to 2011, after which when assembly was moved back to the German homeland.[49]
The company has been highly successful in recent times, and indeed claims to have the highest profit per unit sold of any car company in the world.[50]
Table of profits (in millions of euros) and number of cars produced. Figures from 2008/9 onwards were not reported as part of Porsche SE.[51]
year ending | revenue | pre-tax profit | production | sales |
---|---|---|---|---|
31 July 2002 | €4,857m | €829m | 55,050 | 54,234 |
31 July 2003 | €5,583m | €933m | 73,284 | 66,803 |
31 July 2004 | €6,148m | €1,137m | 81,531 | 76,827 |
31 July 2005 | €6,574m | €1,238m | 90,954 | 88,379 |
31 July 2006 | €7,273m | €2,110m | 102,602 | 96,794 |
31 July 2007 | €7,368m | €5,857m | 101,844 | 97,515 |
31 July 2008 | €7,466m | €8,569m | 105,162 | 98,652 |
Production split
Of the 105,162 cars produced in the 2007/8 financial year, 34,303 (32.6%) were 911 models, 22,356 (21.3%) were Boxster and Cayman cars and 48,497 (46.1%) were Cayennes. There were 3 Panamera and 3 Carrera GT models also reported.[51] The production figures of sports cars was quite similar to the 2001/2 totals when 33,061 Porsche 911 and 21,989 Boxsters were produced.
Sales
In 2008, Porsche reported selling a total of 98,652 cars, 13,524 (13.7%) as domestic German sales, and 85,128 (86.3%) internationally.
North American sales
model | 2003[52] | 2004[53] | 2005[54] | |||
---|---|---|---|---|---|---|
units | % of total | units | % of total | units | % of total | |
911 (996) | 9,935 (![]() |
33% | 10,227 (![]() |
31% | 10,653 (![]() |
31% |
Boxster | 6,432 (![]() |
21% | 3,728 (![]() |
11% | 8,327 (![]() |
25% |
Cayenne | 13,661 | 45% | 19,134 (![]() |
57% | 14,524 (![]() |
43% |
total | 30,028 (![]() |
33,289 (![]() |
33,859 (![]() |
model | 2006[55] | 2007[56] | 2008[57] | |||
---|---|---|---|---|---|---|
units | % of total | units | % of total | units | % of total | |
911 (997) | 12,702 (![]() |
35% | 13,153 (![]() |
36% | 8,324 (![]() |
30% |
Boxster | 4,850 (![]() |
14% | 3,904 (![]() |
11% | 2,982 (![]() |
11% |
Cayman | 7,313 | 20% | 6,249 (![]() |
17% | 3,513 (![]() |
13% |
Cayenne | 11,141 (![]() |
31% | 13,370 (![]() |
36% | 12,898 (![]() |
46% |
total | 36,095 (![]() |
36,680 (![]() |
27,717 (![]() |
model | 2009[58] | 2010[59] | ||
---|---|---|---|---|
units | % of total | units | % of total | |
911 (997) | 6,839 (![]() |
35.00% | 5,735 (![]() |
22.65% |
Boxster | 1,909 (![]() |
9.69% | 2,177 (![]() |
8.60% |
Cayman | 1,966 (![]() |
9.98% | 1,322 (![]() |
5.22% |
Panamera | 1,247 | 6.33% | 7,741 (![]() |
30.57% |
Cayenne | 7,735 (![]() |
39.27% | 8,343 (![]() |
32.94% |
total | 19,696 (![]() |
25,320 (![]() |
Models
The current Porsche model range includes sports cars from the Boxster roadster to their most famous product, the 911. The Cayman is a hard top car similar to the Boxster. The Cayenne is Porsche's mid-size luxury sport utility vehicle (SUV). A high performance luxury saloon/sedan, the Panamera, was launched in 2009.
- Note: models in bold are current models
Consumer models
- 356
- 911 4-seat coupe, targa and cabriolet
- 912
- 914
- 924
- 928 4-seat grand tourer
- 930
- 944
- 959
- 968
- 911 GT1 Straßenversion
- Boxster 2-seat roadster
- Cayman 2-seat coupe
- Cayenne SUV
- Carrera GT
- Panamera 4-seat sports sedan
- 918 Spyder
Racing models
Prototypes and concept cars
- Porsche 114
- Porsche 356/1
- Porsche 695 (911 prototype)
- Porsche 901 (911 prototype)
- Porsche 916 (flat-6 914)
- Porsche 918 Spyder
- Porsche 942
- Porsche 959 Prototype
- Porsche 969
- Porsche 989
- Porsche Boxster concept
- Porsche C88
- Porsche Cajun
- Porsche Panamericana
Tractors
![](http://upload.wikimedia.org/wikipedia/commons/thumb/8/82/Porsche_Traktor_Diesel_Super.jpg/220px-Porsche_Traktor_Diesel_Super.jpg)
- Porsche Type 110
- Porsche AP Series
- Porsche Junior (14 hp)
- Porsche Standard (25 hp)
- Porsche Super (38 hp)
- Porsche Master (50 hp)
- Porsche 312
- Porsche 108F
- Porsche R22
Hybrid and electric vehicles
In 2010 Porsche launched the Cayenne Hybrid and announced the Panamera Hybrid and the concept 918 Spyder also featured a hybrid system. It had been previously thought that Porsche planned to offer an electric version of the Porsche 911 but this has not yet been formally announced.[60]
Aircraft engines
See Porsche PFM 3200.
Motorsport
![](http://upload.wikimedia.org/wikipedia/commons/thumb/b/b7/2006FOS_1970Porsche917L.jpg/220px-2006FOS_1970Porsche917L.jpg)
Porsche is the most successful brand in motorsport, scoring a total of more than 28,000 victories, including a record 16 constructor wins at the 24 Hours of Le Mans. Porsche is currently the world's largest race car manufacturer. In 2006, Porsche built 195 race cars for various international motor sports events. In 2007, Porsche is expected to construct no fewer than 275 dedicated race cars (7 RS Spyder LMP2 prototypes, 37 GT2 spec 911 GT3-RSRs, and 231 911 GT3 Cup vehicles).[61]
Pronunciation of "Porsche"
In English use, Porsche is sometimes pronounced as a single syllable ("porsh") /ˈpɔːrʃ/, without a final /ə/. However, the company's German pronunciation is /ˈpɔːrʃə/ POR-shə[62] ("Porsh-eh"). German language words do not have a silent "e", and a final "e" in German is pronounced as an unaccented (minimal emphasis/duration) schwa.
Reputation
![](http://upload.wikimedia.org/wikipedia/commons/thumb/1/19/2010_silver_997_GT2_RS_at_Goodwood_FoS.jpg/220px-2010_silver_997_GT2_RS_at_Goodwood_FoS.jpg)
In a May 2006 survey, Porsche was awarded the title of the most prestigious automobile brand by Luxury Institute, New York; it questioned more than 500 households with a gross annual income of at least $200,000 and a net worth of at least $720,000.[63]
Porsche was awarded the 2006, 2009, and 2010 J.D. Power and Associates award for the highest-ranked nameplate in its Initial Quality Study (IQS) of automobile brands.[64]
SUV reception
According to CNBC, even an at-the-time questionable foray into the SUV market with the Cayenne in 2003, couldn't damage Porsche credibility.[65] The Times journalist Andrew Frankel says on one level, it is the world's best 4x4, on another, it is the cynical exploitation of a glorious brand that risks long-term damage to that brand’s very identity in the pursuit of easy money[66] with his verdict being "Great car, if only it wasn't a Porsche".[66] Despite the controversy faced by critics, the Cayenne has been a success, generating enough profit for the company to invest in and upgrade the existing model range, as well as fund the Panamera project. [citation needed]
See also
- Ferdinand Porsche (founder)
- Ferry Porsche (Ferdinand Anton Ernst Porsche, 2nd generation, creator of the 356)
- F.A. Porsche (Ferdinand Alexander Porsche, 3rd generation, designer of the 911 turbo s)
- Porsche Museum, Stuttgart
- Porsche Design Group
- List of Porsche engines
- CTS Car Top Systems
- Porsche Club of America
- Need for Speed: Porsche Unleashed
- List of German cars
- Porsche VIN numbers
- Porsche production numbers
References
- ^ a b "Porsche Supervisory Board agrees on the contracts of implementation" (Press release). Porsche Automobil Holding SE, Stuttgart. 20 November 2009. Retrieved 22 November 2009.
- ^ a b "Volkswagen Supervisory Board approves Comprehensive Agreement for an Integrated Automotive Group with Porsche" (Press release). Volkswagen Aktiengesellschaft. 13 August 2009. Retrieved 22 November 2009.
- ^ "How do you say "Porsche"?". About.com. Retrieved 26 June 2009.
- ^ "Porsche SE press release 14 August 2009". Porsche-se.com. Retrieved 1 August 2011.
- ^ "Ferdinand Porsche". www.porsche,com. Dr. Ing. h.c. F. Porsche AG. Retrieved 13 January 2010. [dead link]
- ^ Rauwald, Christoph (18 June 2010). "Wall Street Journal 18 June 2010". Online.wsj.com. Retrieved 1 August 2011.
- ^ "Porsche SE Investor Relations". Porsche-se.com. Retrieved 1 August 2011.
- ^ "Mieschke Hoffman website". Mhp.de. Retrieved 1 August 2011.
- ^ "Bertrandt website". Bertrandt.com. Retrieved 1 August 2011.
- ^ Porsche Engineering info[dead link]
- ^ McCraw, Jim (26 May 2002). "A Harley Takes an Engine From Porsche". New York Times. Retrieved 4 May 2011.
- ^ a b c d J. P. Vettraino (23 December 2008). "Porsche at 60: The little sports-car company that could". Autoweek. Retrieved 30 January 2009.
- ^ "Béla Barényi (1907–1997)". Automotive Hall of Fame. Retrieved 25 March 2009.
- ^ a b c Burt, William (2002). Volkswagen Beetle. MotorBooks/MBI Publishing Company. p. 14. ISBN 9780760310786.
- ^ "Panzerkampfwagen VIII Maus Porsche Typ 205 / Tiger II(P)". Achtung Panzer. Retrieved 4 May 2011.
- ^ Mantle, Jonathan (1996). Car wars: fifty years of greed, treachery, and skulduggery in the global marketplace. Arcade Publishing. p. 216. ISBN 9781559703338.
- ^ a b Meredith, Laurence (1995). Original Porsche 356. MotorBooks/MBI Publishing Company. p. 7. ISBN 9781870979580.
{{cite book}}
: Unknown parameter|coauthors=
ignored (|author=
suggested) (help) - ^ John Lamm (1998). Porsche Boxster. p. 100. ISBN 9780760305195.
- ^ Nexteer Automotive Poland president Rafal Wyszomirski. "Just auto 23 November 2004". Just-auto.com. Retrieved 1 August 2011.
- ^ "Porsche USA press release" (Press release). 11 September 2006.
- ^ "The history of the Neckarsulm plant". Audi MediaServices. Audi AG. Retrieved 4 May 2011.
- ^ "Porsche triggers VW takeover bid". BBC News. 26 March 2007. Retrieved 29 July 2008.
- ^ Hughes, Emily (22 January 2009). "Fast bucks: how Porsche made billions". BBC News. Retrieved 22 January 2009.
- ^ "VW Law is a write-off". Management Today. 23 October 2007. Retrieved 17 January 2009. [dead link]
- ^ "Porsche erhöht seine VW-Beteiligung auf 35,14 Prozent" (Press release) (in Template:De icon). Porsche AG. 16 September 2008. Retrieved 17 January 2009.
{{cite press release}}
: CS1 maint: unrecognized language (link) - ^ a b Nelson D. Schwartz (16 September 2008). "Porsche maneuvers to take control of Volkswagen". International Herald Tribune. Retrieved 17 September 2008.
- ^ "Volkswagen to take a 42.0 percent stake in Porsche AG". Taume News. 14 August 2009. Retrieved 22 January 2009.
- ^ "Announcement on Change of Name, Change of Corporate Form and Change to Stock Exchange Quotation" (PDF). www.porsche-se.com. Porsche Automobil Holding SE. 15 November 2007. Retrieved 13 January 2010.
- ^ "Supervisory Board of new Dr. Ing. h.c. F. Porsche AG constituted". www.porsche.com. Dr. Ing. h.c. F. Porsche AG. 19 November 2007. Retrieved 13 January 2010.
- ^ "Porsche Automobile Holding SE". Porsche official website.[dead link]
- ^ "Porsche SE". Porsche SE official website.
- ^ Porsche rules out Volkswagen merger[dead link]
- ^ Neff, John (16 September 2008). "Porsche raises stake in VW again, makes offer for Audi". Autoblog.com. Retrieved 3 October 2010.
- ^ Rauwald, Christoph (27 October 2008). "Porsche Gains Nearly 75% of VW, Tightening Grip". Wall Street Journal. Dow Jones & Company. Retrieved 26 November 2008.
- ^ "Porsche holds over half of Volkswagen". 4Car / Channel4.com. Channel Four Television Corporation. 7 January 2009. Retrieved 15 December 2009. [dead link]
- ^ Miles Johnson (7 January 2009). "Porsche's VW move boosts carmakers". Financial Times. Retrieved 29 January 2009.
- ^ "Porsche offers minimum price in required Scania bid". Bloomberg. 19 January 2009. Retrieved 29 January 2009.
- ^ Cremer, Andreas (26 March 2009). "VW Gains as Porsche Refinancing Boosts Expectations". Bloomberg News. Retrieved 27 March 2009.
- ^ Arends, Hilde (26 March 2009). "Porsche Seeking Credit Ratings From S&P, Moody's – Source". Wall Street Journal. Dow Jones Newswires. Retrieved 28 March 2009.[dead link]
- ^ Schäfer, Daniel (23 July 2009). "€50m payoff for ousted Porsche chief". Financial Times. The Financial Times Ltd. Retrieved 25 July 2009.
- ^ Schäfer, Daniel (24 July 2009). "Porsche chief ousted in merger with VW". Financial Times. The Financial Times Ltd. Retrieved 25 July 2009.
- ^ Schäfer, Daniel (24 July 2009). "Just another week at the office for Piëch". Financial Times. The Financial Times Ltd. Retrieved 25 July 2009.
- ^ Schäfer, Daniel (24 July 2009). "'Wiedeking Is to Blame for the Porsche Disaster'". Der Spiegel. Retrieved 25 July 2009.
- ^ Atlanta Business Chronicle - by Urvaksh Karkaria. ""Porsche HQ relo draws $15M in incentives", Atlanta Business Chronicle, 2011-05-12". Bizjournals.com. Retrieved 1 August 2011.
{{cite web}}
:|author=
has generic name (help) - ^ Tobin, Rachel (11 May 2011). "Porsche North America HQ to leave Sandy Springs for ex-Ford plant". ajc.com. Retrieved 1 August 2011.
- ^ ""Mayor Kasim Reed and Governor Nathan Deal Announce Porsche to Build New U.S. Headquarters in Metropolitan Atlanta", City of Atlanta Online". Atlantaga.gov. Retrieved 1 August 2011.
- ^ Patton, Phil (18 November 2011). "Porsche to Build in Atlanta and California". The New York Times. Retrieved 30 November 2011.
- ^ "Union says VW's Slovak plant eyes output cut". Reuters. 9 October 2008. Retrieved 17 January 2009.
- ^ "Porsche's Finnish success story: 227,890 Boxsters and Caymans". valmet-automotive.com. 2011. Retrieved 2 May 2011.
- ^ Elliott, Hannah. "Forbes Autos review of Cayman S". Forbesautos.com. Retrieved 3 October 2010.
- ^ a b "Porsche Annual Report Short Fiscal Year 2010" (PDF). Retrieved 1 August 2011.
- ^ "January – March – Porsche Vehicle Sales in North America Exceed 30,000 in 2003" (Press release). Porsche AG. 8 January 2004. Retrieved 10 February 2009.
- ^ "January – March – Porsche sets North American sales record in 2004" (Press release). Porsche AG. 5 January 2005. Retrieved 10 February 2009.
- ^ "January – March – New record year for Porsche in North America" (Press release). Porsche AG. 4 January 2006. Retrieved 17 January 2009.
- ^ "Porsche succeeds 2006 with a new record in North America" (Press release). Porsche AG. 3 January 2007. Retrieved 17 January 2009.
- ^ "January – March – Porsche tops its record-breaking sales figures for North America in 2007" (Press release). Porsche AG. 3 January 2008. Retrieved 17 January 2009.
- ^ "January – March – Porsche Reports Decrease in North American Customer Deliveries in the 2008 Calendar Year" (Press release). Porsche AG. 5 January 2009. Retrieved 20 August 2009.
- ^ "Porsche Reports December Sales". Theautochannel.com. Retrieved 12 June 2011.
- ^ "Porsche Press Release". Press.porsche.com. 4 January 2011. Retrieved 12 June 2011.
- ^ Christoph Hammerschmidt (13 October 2008). "| Automotive DesignLine Europe". AutomotiveDesign-Europe.com. Retrieved 30 May 2009.
- ^ Gary Watkins (7 March 2007). "Warehouse Shopping – Inside Porsche's Motorsport Center". AutoWeek. Retrieved 17 January 2009.
- ^ "Porsche and Neanderthal: pronouncing German words in English". German.about.com. 15 September 2008. Retrieved 29 April 2009.
- ^ "Porsche enjoys unsurpassed prestige in US". Porsche AG press release. Retrieved 6 April 2008.
- ^ "Magna Steyr Assembly Plant in Graz, Austria, Receives Top Vehicle Quality Award in Europe" (PDF). J. D. Power and Associates. 7 June 2006. Retrieved 31 July 2008.[dead link]
- ^ DeBord, Matthew (19 March 2009). "Peering Into Porsche's Future". CNBC. Retrieved 20 March 2009.
- ^ a b Frankel, Andrew (17 November 2002). "Porsche Cayenne". The Sunday Times. UK. Retrieved 20 March 2009.
External links
![](http://upload.wikimedia.org/wikipedia/en/thumb/4/4a/Commons-logo.svg/30px-Commons-logo.svg.png)
- Porsche Automobil Holding SE – the top-tier parent company
- Dr. Ing. h.c. F. Porsche AG Porsche automobiles international portal
- Porsche Engineering
- Porsche Leipzig
- Porsche Design
- Cisitalia Museum
- DigitalLook.com financial information – Porsche Automobil Holding SE (PAH3)
- Video clips
- Use dmy dates from June 2011
- Porsche
- Vehicles by brand
- Volkswagen vehicles
- Volkswagen Group
- Car manufacturers of Germany
- Companies established in 1931
- Family businesses
- Companies listed on the Frankfurt Stock Exchange
- German brands
- Luxury vehicles
- Luxury brands
- Motor vehicle manufacturers of Germany
- Sports car manufacturers
- Companies based in Stuttgart