Sunday, February 21, 2021
Board nevertheless optimistic
Porsche wants to make massive savings
Corona crisis and technological change are also challenging the sports car manufacturer Porsche. The company imposes an ambitious austerity program. CEO Blume is nevertheless optimistic and has announced an "automotive lighthouse".
The sports car manufacturer Porsche is expanding its savings program and aims to achieve further cost reductions and revenues in the billions. "In the next five years we are now planning a total of around ten billion euros to secure the result. Originally it was six billion euros. After 2025 it should be three billion euros a year," said CEO Oliver Blume of the "Automobilwoche". Initially, an additional two billion euros per year were earmarked for the second half of the decade.
"We are thus strengthening ourselves for a successful transformation on our own," added Blume. This is necessary to maintain the strategic return: "15 percent in the transformation phase is worth as much as 20 percent in earlier times". Investments must be made in electrification and digitization. In addition, there would be higher material costs for batteries, the parallel offer of drives or the qualification of employees.
For the current year, Blume was optimistic: "At Porsche, we started the year well and are up on the same month last year. The incoming orders in the past few months have been great, we have a stable financial basis." Nevertheless, the challenges are great. "Because of Corona, many trading companies are currently closed again nationally and internationally." One observes the situation at the suppliers daily.
Blume indicated that together with the Croatian electrical pioneer and partner Rimac, there could be a super sports car from Zuffenhausen in the second half of the decade. This will be an "automotive lighthouse". Nothing has been decided at the moment. On the other hand, the deal between Bugatti and Rimac is relatively specific, in which Porsche is more than just an agent and could further increase its stake in Rimac. According to Blume, a decision in the VW Group should be made in the first half of the year.
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