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Porsche steps up investment in Shanghai

Updated: 2020-03-19

World-famous vehicle maker Porsche plans to step up investment in Shanghai and other parts of China in the future, according to Yan Boyu, CEO of Porsche China.

"2019 was a very successful year for Porsche in China," said Yan. According to statistics, Porsche China delivered 86,752 new vehicles last year, a year-on-year increase of 8 percent, accounting for 31 percent of the company's global sales.

Over the past five years, China has remained the largest market for Porsche across the globe. The company signed 33,519 financial service contracts in China last year, a year-on-year increase of 23 percent.

The novel coronavirus outbreak has impacted the business operations of companies. In February in particular, Porsche's sales decreased 60 percent year-on-year, said Yan.

He thanked the Pudong government, including the Lujiazui management bureau, for helping the company resume operations amid the COVID-19 outbreak.

"This experience has taught me that Shanghai is a very efficient and open city. I encourage more international companies to operate in Pudong, Shanghai, and other parts of China," Yan said.

In 2019, Porsche set up a department of digitalized services in Lujiazui, planning to invest nearly 200 million yuan ($28.53 million) in digitalization and provide tailor-made digital experiences for Chinese consumers.

In April 2020, Porsche's first type of electric vehicle, the Taycan, will enter the Chinese market. Porsche is currently developing a new driving experience revolving around the new car.

"The Chinese market is moving from following global markets to spearheading the development of global markets, especially in the field of digitalization and electrification," Yan said.

He went on to say that the company's goal is to become a global innovation powerhouse and develop a sustainable future with the Chinese community.

Last May, Porsche moved the headquarters of Porsche China and several its branches to the Lujiazui Financial Square.

Since the company entered the Chinese market in 2001, Porsche has set up 123 sales outlets.