The auto industry is also suffering from the corona pandemic. Porsche was still able to make a profit - more than any other European vehicle manufacturer.
- Despite the corona pandemic , Porsche AG * was able to record billions in profits in the first half of 2020 .
- Thus fared Porsche better than all other vehicle manufacturers in Europe .
- Worldwide, only Toyota was able to achieve higher profits in the first half of the year than Porsche AG from Stuttgart.
Stuttgart - The corona pandemic is making it difficult for German companies. Due to the corona virus in Baden-Württemberg *, the auto industry was particularly affected by the temporary lockdown . In addition to Daimler and Porsche also have many suppliers of vehicle manufacturers based in Baden-Wuerttemberg . Production in the plants was stopped for weeks and vehicle sales also collapsed.
Because of the corona crisis, all European vehicle manufacturers made significant losses in the first half of 2020. All except Porsche AG . The sports car manufacturer from Stuttgart * has indeed loud Handelsblatt missed its self-imposed target of 15 percent return on sales, but still drove a billion profit a.
Porsche AG makes billions in profits despite the corona crisis - thanks to wealthy customers
Porsche was able to post a profit of 1.23 billion euros from January to June. Aside from Porsche AG, only the French car company PSA and Ferrari were able to make any profits . With that, Porsche was even able to correct VW's balance sheet a little upwards. Porsche is a subsidiary of Volkswagen AG. * Porsche originally tried to take over VW *, but failed.
There is a reason that, in addition to Porsche , the sports car manufacturer Ferrari also coped comparatively well with the Corona crisis . According to the automobile analyst Frank Schwope, well-off Porsche customers are less prone to crises than other car buyers, according to the Handelsblatt . Premium brands such as Mercedes-Benz , Audi and BMW have slipped more and more into mass business and were therefore in the red due to the corona pandemic.
Daimler AG in particular was already in a state of upheaval before the Corona crisis. Numerous layoffs were planned. At least operational dismissals are off the table for now. Instead, Daimler is cutting the working hours for 70,000 employees by two hours and cutting bonuses (BW24 * reported).
Porsche AG at the top of Europe: Billions in profit despite corona virus in Baden-Württemberg
The competition is left behind: Despite the corona pandemic, Porsche was able to record billions in profits in the first half of the year.
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Porsche itself justifies the good numbers in the first half of the year not only with the well-off group of buyers. "We manage the corona crisis systematically and responsibly, we see it as an opportunity," said Porsche CEO Oliver Blume * to the Handelsblatt .
This responsible management also means that Porsche AG brought new models onto the market in good time despite the corona virus in Baden-Württemberg - for example the Taycan , the first all- electric car from Porsche. The fact that the Tesla Model 3 makes the more expensive Porsche Taycan look old on the racetrack * has apparently not hurt sales. Porsche also looked very closely at its finances. "Every euro of possible expenditure was questioned: Do we really need that?" Said Oliver Blume to the Handelsblatt . Although Porsche is doing well despite the corona virus, the car manufacturer made drastic demands * on politicians.
Porsche is also doing well worldwide with its profits - only one vehicle manufacturer is better
With the billions in profit that Porsche AG was able to achieve in the first half of 2020, the sports car manufacturer is not only in a very good position in Europe . In a global comparison, Porsche does better than the US vehicle manufacturers General Motors or Ford, for example . However, Toyota made the biggest global profit - but only because the months before the corona lockdown went well from January to March .
According to Handelsblatt, Toyota only earned around 110 million euros in operational business from April to June - an enormous 98 percent less than in the previous year. In this phase even Porsche was better with an operational plus of 662 million euros. Despite the corona virus in Baden-Württemberg , Porsche board member Oliver Blume is optimistic about the future. His company just has to be careful to constantly question itself and to constantly renew itself. "In the next five years we will invest 15 billion euros in new technologies alone," said Oliver Blume on the Handelsblatt . (* BW24 is part of the Ippen-Digital network )
List of rubric lists: © THOMAS KIENZLE / AFP