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53% More New Porsche Registrations Despite Corona Crisis, As Competition Suffers Heavy Losses

Courtesy of ZeroHedge View original post here.

Submitted by Raphael Adrian of Kryptoszene,

In January, roughly 53% more new Porsche vehicles were registered in Germany than in the same month of last year. The number of new vehicle registrations for all car manufacturers and brands fell by 7% over the same period. As shown in a new infographic from Kryptoszene.de, Porsche also suffered less severely in the first quarter than its German and international competitors.

Compared to the equivalent quarter last year, Porsche delivered 19.9% more vehicles within Europe, despite the current corona crisis. However, worldwide sales declined by 4.6%, as data in the published quarterly report show. This decrease is however lower than those of other automakers.

Global Tesla sales decreased by 12.8% against the first quarter of last year. Daimler’s sales were down 14.9% and BMW’s declined by much as 20.6%, according to reports published by the respective companies. Sales across the industry slumped 24.6%.

Porsche Proves its Resistance to Crisis

In February, Porsche was the only German car manufacturer to increase sales in the Federal Republic relative to the same month last year. Meanwhile, negative figures in America and China were nearly offset by flourishing business in Europe.

This is not the only way Porsche has been exceptional – the company’s employees all received a bonus of €9,700. Although Porsche is encouraging its employees to donate some of this amount, the measure has attracted some criticism. For example, Baden-Württemberg Minister for Economics, Labour and Housing Nicole Hoffmeister-Kraut (CDU), claimed that the car manufacturer was sending the wrong message: “In view of the fact that Porsche has currently applied for reduced working hours benefits, such lavish bonus payments certainly give off the wrong signal”.

Porsche has also donated €1.3 million to the Stuttgart Clinic and the Marienhospital. The money will be used to buy laboratory and X-ray equipment as well as protective masks.

As the infographics illustrate, Porsche has proven comparatively immune to the consequences of the corona pandemic. A comparison with other players in the automotive industry clearly demonstrates this. Nevertheless, the situation on the trading floor is causing uncertainty: since the February 19th stock market crash the price of Porsche shares has fallen by 31.44%.


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