Porsche sales dip by just 3% in 2020, despite pandemic
Pandemic closed factories for six weeks, but core model sales held strong and new Taycan went well
Porsche delivered 272,162 cars worldwide in 2020 - a drop of only 3% from 2019's record figures, despite six-week factory shutdowns due to the pandemic.
"Our response to these challenges was rapid, flexible and pragmatic," Porsche said. "We introduced targeted measures to protect our workforce, and we engaged in systematic crisis management, successfully shoring up our liquidity and stabilising our results. In this way we steered Porsche strategically and robustly through the crisis."
Sales of core models including the 911, 718 and Cayenne remained largely stable, although Macan sales fell from 99,944 to 78,124.
Overall, sales revenue held steady at €28.7 billion, compared with €28.5bn in 2019.
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It was partly the success of the Taycan electric saloon in its first full year on sale, shifting 20,015 units, that helped the firm achieve an operating profit of €4.2bn (£3.59bn), slightly down from €4.4bn (£3.76bn) the year before, with a 14.6% return on sales.
"This was a top result that was unequalled by the competition in 2020," said chief financial officer Lutz Meschke, highlighting that Porsche was "once again the top earner in the Volkswagen Group".
Porsche CEO Oliver Blume celebrated the company's financial stability. "We're still in our strategic target corridor," he said, promising a bonus for all Porsche employees of up to €7850 (£6715) in recognition of their work during the pandemic.
The German brand's strong performance in 2020 paves the way for continued investment in its transformation over the next decade. Between now and 2025, Porsche will invest €15bn in "electromobility, sustainable production and digitalisation," with the aim of strengthening profitability in the long-term.
"We need to create the basis today for the success of tomorrow. This is why we continue to invest in future topics like electromobility and digital transformation," explained Blume.
In 2020, a third of Porsche's global sales were electrified, with an equal share claimed by the Taycan and its hybrid models. By 2025, half of all Porsches sold will be electrified, and by 2030 that figure will climb to 80%.
In conjunction with an increased focus on electrification, Porsche will completely overhaul its production and supply chains to improve sustainability and become a carbon-neutral manufacturer by 2030.
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