empty
 
 
Porsche to invest €900 mln in digital technologies
17-02-2021 19:12
Porsche to invest €900 mln in digital technologies
Porsche to invest €900 mln in digital technologies

On Tuesday, February 9, Porsche AG announced that it would expand spending on promoting digital services and products to complement its luxury sports cars. Volkswagen Group's most profitable brand intends to lure more tech-conscious customers. This way, Porsche AG wants to increase its sales in Asian markets with the focus on China.

Citing Chief Financial Officer Lutz Meschke, the company plans to raise investment in the digital equipment to €900 million this year from €800 million in 2020. In parallel, the car manufacturer invests almost €150 million annually in venture capital projects and startups.

"Despite the corona crisis, we haven't cut a single euro from investments in the future," Meschke said. "On the contrary: we really step on the gas." According to the Chief Financial Officer, the company endeavors to implement its innovative projects, including those related to digital technologies. The management is confident that a new range of hi-tech services and products will pump up its revenue.           

Remarkably, Porsche AG survived the crisis in the global car industry induced by the coronavirus pandemic. The company owes its rapid recovery to a bounce in sales in China’s market and buoyant demand for Porsche Taycan. Back in 2020, Porsche AG reduced its global deliveries by 3.1% to 272,000 items. At the same time, sales of VW Group, the parent company of 12 European brands, tumbled by 15%.         

 

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS
Can't speak right now?
Ask your question in the chat.
Widget callback