Letter from the Executive Board
Dear Sir or Madam,
Dear Friends of the Company,
A strong brand stands by its values, especially in challenging times. For more than 75 years, we at Porsche have been building innovative sports cars to the highest standards of performance, design, and quality—to the exhilaration of millions of people around the world. This is what drives us. Every day, we work with devotion and a passion for detail, not to mention an outstanding team. These are the hallmarks of Porsche. We have held this course—even when the sea has been rough and the waves have been tall—and we have remained true to ourselves during challenging times.
The world was again beset by wars and conflict in 2024. Demand in China is changing on a structural level, and the transition of our industry to electric mobility is progressing more slowly than originally predicted a few years ago.
We at Porsche have not been immune to the pressure that all this has brought. However, our business model has proved to be resilient and flexible. Despite the difficult conditions, Porsche is in a robust financial position and is highly profitable. We have successfully completed our year of product launches—the greatest in our history—and accelerated the development of innovative products and services.
The second, significantly more advanced generation of the all-electric Taycan is now on the market. Likewise, the Macan, our biggest seller for many years, has powered forth into the new era as a newly developed electric car. The new Panamera comes with hybrid drive systems that are significantly more powerful, in addition to many other highlights. And the new 911 continues to break new ground: for the first time ever, it is available with an exceptionally efficient performance hybrid drive system inspired by motorsport.
These model changes and new launches were a Herculean effort and had a significant impact on Porsche’s year. We expected this from the outset. However, we are certain that our efforts have paid off.
By comprehensively modernizing and rejuvenating our product portfolio, we have paved the way for success in the coming years. We are in a strong position to keep on exciting and inspiring our customers.
Of the new vehicles delivered to customers in 2024, 27 percent were either all-electric or plug-in hybrids. Our product portfolio aims to significantly increase this proportion. The ramp-up of electrification depends largely on customer demand, the development of electromobility in the different regions of the world, and regulatory incentive schemes. For the transition phase, we are positioning ourselves as flexibly as possible with a mix of combustion-engined, plug-in hybrid and all-electric vehicles.
The year 2025 will be challenging, too. The macroeconomic landscape remains strained, as does the geopolitical situation. The development of the US and Chinese markets continues to be plagued by uncertainty. This is compounded by supply shortages and continuously rising costs, especially on the supply side.
We must ready ourselves to face these external factors and seize the opportunities that present themselves in spite of the challenging conditions. Therefore, we are carefully examining how to position our portfolio, taking the wishes of our customers into account at all times. We are also carrying out continuous in-depth analysis of our budgets and costs. In doing so, we will gain the scope to continue making significant investment—in innovation, digitalization and sustainability, the development of future products and services, and in brand and customer satisfaction. Our newly formed Executive Board team is pulling out all the stops and putting the pedal to the metal with this work.
An excellent team, strong products, and a clever strategy: this has been the successful recipe that helped us claim numerous titles on the racetrack and thrill our fans around the globe in 2024. The year will go down in history as one of the most successful for Porsche Motorsport. The transformation of our industry is a special kind of endurance race, but we will qualify for the next stages using that same recipe again. And we will remain true to ourselves and our values while doing so.
We are glad to have you at our side.
With warmest regards,
The Executive Board of Dr. Ing. h.c. F. Porsche AG
