Porsche's revenue grew strongly between the 2011 and 2021 fiscal years, from just under 11 billion euros in 2011 to some 30 billion euros in 2021. The company was able to reap synergies following a maneuver of company integration resulting in Porsche becoming a subsidiary of Volkswagen Group in 2012. Despite weakening automobile markets across the world between 2016 and 2019, deliveries of Porsche’s luxury vehicles had steadily increased until the COVID-19 pandemic hit the automotive industry.
Electric car sales are growing in some of the world’s largest automobile markets such as China and the United States, and consumers have shown interest following improvements to range, charging infrastructure, and performance. Volkswagen aims to become a leading manufacturer of electric vehicles and promised an all-electric lineup by 2030. In June 2020, the company struck an agreement with Ford to produce motor vehicles, including electric and autonomous ones. Porsche’s first modern-era electric sports car hit markets in 2020. The Porsche Taycan was met with unexpected demand in North America. Porsche is expecting to produce electric sport utility vehicles (SUVs) by 2022.
Porsche’s Covid-19 response
Like the majority of auto manufacturers in Europe, Porsche’s factories ground to a halt in March 2020 due to the Covid-19 pandemic, affecting a third of the company’s workforce. Porsche restarted production the following May. Although factories closed in order to prevent spread of the coronavirus, Porsche could not justify producing new vehicles until supply chains could handle the renewing demand. New vehicle sales plummeted during the pandemic in markets across the globe. Porsche’s sales in the United States declined most severely out of Volkswagen’s brands. Customers of high-end vehicles, including Porsche’s sports cars, are financially well-insulated and have the security to fair reasonably well during a recession. This is demonstrated by the strong revenue generated by Porsche in 2020 and 2021, amidst the global chip shortage.
Porsche's revenue from FY 2011 to FY 2021
(in billion euros)
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Volkswagen. (March 15, 2022). Porsche's revenue from FY 2011 to FY 2021 (in billion euros) [Graph]. In Statista. Retrieved October 02, 2022, from https://www.statista.com/statistics/279488/revenue-of-porsche/
Volkswagen. "Porsche's revenue from FY 2011 to FY 2021 (in billion euros)." Chart. March 15, 2022. Statista. Accessed October 02, 2022. https://www.statista.com/statistics/279488/revenue-of-porsche/
Volkswagen. (2022). Porsche's revenue from FY 2011 to FY 2021 (in billion euros). Statista. Statista Inc.. Accessed: October 02, 2022. https://www.statista.com/statistics/279488/revenue-of-porsche/
Volkswagen. "Porsche's Revenue from Fy 2011 to Fy 2021 (in Billion Euros)." Statista, Statista Inc., 15 Mar 2022, https://www.statista.com/statistics/279488/revenue-of-porsche/
Volkswagen, Porsche's revenue from FY 2011 to FY 2021 (in billion euros) Statista, https://www.statista.com/statistics/279488/revenue-of-porsche/ (last visited October 02, 2022)