Porsche financial

Is that Porsche Cayenne made the Financial crisis in Greece?

November 1, 2011 by porsche Leave a Comment

Porsche financial
Financial crisis in Greece

Jubilation about the German deal to save the euro could prove short-lived if fresh news of Greek tax evasion gains wider currency. There are more Porsche Cayennes registered in Greece than taxpayers declaring an income of 50,000 euros (£43,800) or more, according to research by Professor Herakles Polemarchakis, former head of the Greek prime minister’s economic department.

While German car workers may take pride in this evidence of their export success, German taxpayers may be less keen to bail out a nation whose population appears to take such a cavalier approach to paying its fiscal dues. Never mind all that macroeconomic talk about deficit distress, many Greeks are still plainly riding high on the hog.

Something can’t be right when the modest city of Larisa, capital of the agricultural region of Thessaly with 250,000 inhabitants, has more Porsches per head of the population than New York or London.

Perhaps the penny – or the euro – is already dropping, because Professor Polemarchakis writes that Larissa “is the talk of the town in Stuttgart, the cradle of the German automobile industry, and, particularly, in the Porsche headquarters there”, since it “tops the list, world-wide, for the per-capita ownership of Porsche Cayennes”.

“The proliferation of Porsche Cayennes is a curiosity, given that farming is not a flourishing sector in Greece, where agricultural output generates a mere 3.2pc of Gross National Product (GNP) in 2009 – down from 6.65pc in 2000 – and transfers and subsidies from the European Commission provide roughly half of the nation’s agricultural income.

“A couple of years ago, there were more Porsche Cayennes circulating in Greece than individuals who declared and paid taxes on an annual income of more than 50,000 euros.”

Hard to believe? Don’t take my word for it. The report in Athens News will add to fears, expressed by leading economist George Soros and others, that last week’s deal to save the euro can only buy a little time – not a permanent solution. China may also question why it should support economies that pay their unemployed more than most of its workers earn.

Binding such widely differing cultures as Greece and Germany together was always going to be a problem; not least because of diverging attitudes to such financial fundamentals as work and tax. Now, ahead of this week’s G20 Summit in Cannes, some euro-enthusiast must be sent to the cradle of culture to explain that deficits will balloon unless all taxpayers pay their fiscal dues. I nominate Vince Cable.

[source: blogs.telegraph.co.uk]

Porsche Boosts Share of Female Buyers in New York

October 25, 2011 by porsche Leave a Comment

Porsche financial
Porsche & Woman

SANTA MONICA, Calif., Oct 25, 2011 (BUSINESS WIRE) — Female car buyers are making up a larger share of Porsche’s customer base in the New York market, according to an analysis by Edmunds.com, the premier online resource for automotive information.

The analysis found that of all automakers, Porsche has made by far the largest relative market share gains among women in New York so far this year. From January through August 2011 22 percent of Porsche buyers in the area were female compared to 16 percent during the same period last year. The growth accounts for a 37.5 percent proportional change year over year which outpaces even the brand’s impressive nationwide female market share growth of 21 percent.

“Porsche has long been dominated by male customers, not just in New York, but also nationwide,” said Edmunds.com Senior Analyst Jessica Caldwell. “But new four-door products like the Cayenne and the Panamera offer sporty yet practical options that have increasingly appealed to women.”

                Biggest Increase in New York Female Market Share, By Brand
            Rank    Brand   Female Share  Female Share    Proportional Change
                            Jan-Aug 2010  Jan-Aug 2011
            ----  --------  -----------   -----------   ---------------------
              1    Porsche      16 %          22 %           37.5 %
            ----  --------  ------ -----  ------ -----  --------- ------------
              2     Buick       34 %          37 %            8.8 %
            ----  --------  ------ -----  ------ -----  --------- ------------
              3    Lincoln      31 %          33 %            6.5 %
            ----  --------  ------ -----  ------ -----  --------- ------------
              4   Infiniti      32 %          34 %            6.3 %
            ----  --------  ------ -----  ------ -----  --------- ------------
              5     Jeep        34 %          36 %            5.9 %
            ----  --------  ------ -----  ------ -----  --------- ------------
                   OVERALL      41 %          41 %            0.0 %
                  --------  ------ -----  ------ -----  --------- ------------
                                                                  Source: Polk

[source: marketwatch.com]

To produce Porsche Cajun – Porsche invests 500 million euro in new factory

October 24, 2011 by porsche Leave a Comment

Porsche Cajun
Porsche financial
Porsche factory in Leipzig

Back in 1999, Porsche settled on the location for a new factory in Leipzig, Germany. It opened its doors in 2002 with production of the Porsche Cayenne, and further expanded in 2009 to gear up for the Porsche Panamera. As of November, 2011, the assembly plant has built some 420,000 vehicles, but that’s just the start as Porsche further expands the facility to make way for the new Compact Porsche SUV – Porsche Cajun.

With the laying of the corner stone, the expansion plan will create 1,000 new jobs, encompass 500 million euros (~$700m) in investment and take up another 17 hectares (42 acres) of real estate.

The expansion is earmarked to be finished by the end of 2013 when the tentatively-named Porsche Cajun – a baby brother for the Cayenne SUV – will begin production.

START OF EXTENSION TO PORSCHE FACTORY IN LEIPZIG LAYS FOUNDATIONS FOR ‘CAJUN’ PRODUCTION

– With today’s laying of the foundation stone, the Porsche factory in Leipzig gears up for Porsche Cajun production with a 500 million euro investment
– More than 1,000 new jobs and a new 17 hectare site are being created to handle production of the Porsche Cajun – scheduled to start at the end of 2013
– Porsche Cajun will be built alongside the Porsche Cayenne and Porsche Panamera at Leipzig factory

The Chairman of the Supervisory Board and Chairman of the Board of Management of Porsche AG, Wolfgang Porsche and Matthias Müller, today joined numerous guests from the world of politics and business in laying the foundation stone for the second extension of the company’s Leipzig factory site. It is an important milestone, and one which writes another chapter in the successful history of Porsche in the Saxony region of Germany.

“We are investing another 500 million euro in the production facility to build the Porsche Cajun in Leipzig. This is not just a mark of confidence in the manufacturing skills of our Leipzig colleagues, but also an important contribution to the economic development of the region.” said Matthias Müller on the morning of the festivities.
Porsche Board of Management member with responsibility for production Wolfgang Leimgruber added: “We want to expand the production of high-performance sports cars and off-road vehicles in Leipzig. At the same time the ambition is for the plant to achieve the highest standards with a forward-looking quality strategy.”

More than 1,000 new jobs and a new 17 hectare production site are being created to handle the production of the Porsche Cajun. “The fact that the assembly plant is now to become a fully fledged factory with body assembly line and paint shop is an enormous motivation for me and my team,” explained Siegfried Bülow, Chairman of the Executive Board of Porsche Leipzig GmbH, citing as a challenge the tough timetable governing the plant extension, with production of the Porsche Cajun scheduled to start as early as the end of 2013. “The acquisition and qualification of new staff is also an important item on our agenda. We are trusting in tried-and-tested processes, thus ensuring that the first Porsche Cajun from Leipzig is of outstanding ‘typical Porsche’ quality, setting standards in its class.”

The Leipzig Porsche plant is also setting environmental standards, being one of the world’s most efficient car factories. For example, the very efficient air recirculation and power cut-off technologies in the paint shop ensure particularly economical energy use. “Sustainability of the very highest order is enshrined in our environmental principles. Our use of ultra-modern equipment and facilities is a valuable contribution to frugal automotive engineering,” said Wolfgang Leimgruber.

Leipzig Lord Mayor Burkhard Jung also emphasised the impressive development of the site: “The decision by Porsche in 1999 to build a plant in our city brought the industrial site to life with a kiss. Porsche was followed by many important business start-ups, putting Leipzig in the fast lane. Ten years and more than 420,000 ‘Made in Leipzig’ Porsches later, this industrial site has finally come of age.”

The Porsche site in Leipzig has been producing the Porsche Cayenne since it opened in 2002. After a first extension, the four-seater Porsche Panamera Gran Turismo has also been produced here since 2009. It is assembled alongside the Porsche Cayenne on the mixed-model assembly line. Porsche has invested approximately 280 million euro in the Leipzig site to date.

With the efficient and agile Porsche Cajun, Porsche is expanding its SUV segment which is in high demand around the globe. With typically Porsche characteristics, the light and nimble Porsche Cajun will inject fresh momentum alongside the new generation Porsche Cayenne, which has consolidated its market position as one of the most successful sporting all-wheel drive vehicles in the premium segment to a significant degree. The Porsche Cajun is intended – alongside the Porsche Boxster, the market-leading two-seater mid-engined sports car – to provide an attractive route for new, younger customers to enter the world of Porsche.

[source: autoblog.com]

Porsche Dubai sets new international sales record

September 26, 2011 by porsche Leave a Comment

Porsche Financial
Porsche Dubai
Sales record

The economic recovery in Dubai is well underway, according to new luxury car sales figures. According to The National, the emirate’s Porsche showroom enjoyed a sales record month during Ramadan, with better sales figures than ever before.

Porsche Dubai, part of Al Nabooda Automobiles, delivered 211 new cars to customers in August this year, the strongest performance for any Porsche showroom globally, the company said.

In reaching this number the dealership outperformed its own sales record of 207 new car deliveries set in March 2008.

This not only proved a successful month for the Dubai showroom but set a new global sales record for Porsche. Vijay Rao, general manager of Porsche Dubai, told the news provider: “Our increasing sales figures prove that the Porsche brand is growing significantly in the UAE. “In combination, I believe the retail market for passenger cars in general has also grown slightly. “Our typical target group is immensely diverse, including both young and old, male and female with interest in sports, luxurious goods all the way to aficionados and collectors.”

While Porsche sales in Dubai are up this year by a whopping 46%, the numbers for specific models show where the money-makers lie. The Porsche Cayenne, obviously the best-seller considering they’re as common as taxi cabs, accounted for a huge 63% of all deliveries, surprisingly followed by the Porsche Panamera with 26%. That means sales of actual sports cars — the Porsche 911, Porsche Boxster and Porsche Cayman — accounted for only 11% altogether.

While it is obvious where Porsche’s priorities lie nowadays, Porsche Dubai plans to introduce the all-new Porsche 911 at the beginning of 2012.

New Porsche 911 – Porsche predicts big sales boost

September 15, 2011 by porsche Leave a Comment

Porsche Financial
New Porsche 911 (Porsche 991)

With all the wacky concepts and bold predictions at this week’s Frankfurt Motor Show 2011, in the end it was one of the most famous models out there that attracted some of the biggest attention: the new Porsche 911 (Porsche 991).

The new 2012 model doesn’t look substantially different from the existing one. It can’t: It’s an iconic design, and purists would scream murder if it was substantially changed. But the new one clearly will perform better. The new engine adds 25 more horsepower with better fuel economy and allows the new Porsche 911 to leap from zero to 60 miles per hour in 4.6 seconds, 0.4 seconds faster than the outgoing model, Dow Jones Newswires points out.

The Porsche 911 Carrera now comes with a 3.4-liter, 350-horsepower, six-cylinder boxer engine. The Carrera S is punched up even more, now with a 3.8-liter, 400-horsepower six-cylinder boxer powerplant.

It’s a grand old name, or in this case, number, but Porsche thinks that the new Porsche 911 (Porsche 991) will help propel sales that are already growing worldwide. Dow Jones says Porsche predicts it could sell around 30,000 of the new Porsche 911s per year worldwide once all versions are available. That would be a nice increase from the 21,000 last year.

[Show as slideshow]

[source: content.usatoday.com]