Company analysis

A strategic analysis of Dr. Ing. H. c. F. Porsche AG

Trabalho escrito no módulo Strategic Analysis

no curso de graduação de administração de empresas na FGV EAESP

Enviado por:

Vinicius Jose Ramos Schibel, Elena Faul, Andrea Castelnuovo, Diego Natal, Marcelo
Oliveira, Arthur de Freitas

Exibido em:

Paul Ferreira

São Paulo, 14/09/2023

Structure

1 Overview.............................................................................................................................
2 External Analysis...............................................................................................................
2.1 Pestel..........................................................................................................................
2.2 Five Forces.................................................................................................................
References................................................................................................................................

2
1 Overview
The origins of the renowned luxury car manufacturer, Porsche AG, trace back to 1931
when Ferdinand Porsche established a engineering office in Stuttgart, the current headquar-
ters of the company. To this day, the company's unwavering mission and pioneering spirit
can be summed up by the following statement of Ferdinand Porsche: "At the beginning I
looked around but couldn't find the car I dreamt about. So I decided to build it myself".
The post-World War II era saw the registration of the first Porsche vehicle in 1948, while
the iconic Porsche 911 was introduced in 1963, marking the historical starting point of the
company's captivating success story.

Since 2009, the Porsche brand has been a part of the Volkswagen Group, with full owner-
ship being achieved in 2012. Notably, the majority of shares in the Volkswagen Group are
controlled by Porsche Automobil Holding SE. In 2022, Porsche AG went public, marking
the largest initial public offering in Europe by market capitalization. Porsche AG serves as
the parent company of the Porsche group, encompassing both the company and its fully
consolidated subsidiaries.

Oliver Blume has held the position of Chairman of the Executive Board at Porsche AG
since 2015, and as of September 2022, he has also been the Chairman of the Executive
Board of the Volkswagen Group. Porsche AG's product portfolio includes the 718, 911,
Panamera, Macan, Cayenne model series, as well as the all-electric Taycan. In the fiscal
year 2022, the company achieved a sales revenue of 30.3 billion euros with a workforce of
39,162 employees.

The enduring mission statement mentioned earlier continues to underpin the Vision 2030,
which articulates: "The brand for people who follow their dreams". Derived from this vi-
sion, the 2030 goals have been defined, focusing on four stakeholder dimensions: cus-
tomers, society, employees, and investors. Among these objectives is the pursuit of the
highest level of customer satisfaction. Additionally, six cross-sectional strategies—cus-
tomer, products, sustainability, digitalization, organization, and transformation—take cen-
ter stage in the Strategy 2030 and contribute to the company's overarching goals. Porsche
AG's long-term ambition is to redefine the modern concept of luxury, advancing its own
positioning and expanding its presence in this segment. The automotive industry is cur-
rently undergoing a profound transformation process involving the transition from conven-
tional combustion engines to electrically powered vehicles. Although Porsche currently
only has one fully electric vehicle in its product portfolio, the company is pursuing ambi-
tious goals of delivering more than 80 percent of its vehicles to customers in electrified
form by 2030. In addition to this electrification strategy, Porsche is actively investing in
the development of so-called eFuels to ensure that existing combustion engines can operate
as climate-neutrally as possible.

Apart from the corporate headquarters, Stuttgart-Zuffenhausen houses the production hub
for the Taycan, 911, and 718 model series, as well as Porsche Motorsport's customer sports
vehicles. Porsche AG Group also maintains a production facility in Leipzig, responsible for
manufacturing the Macan and Panamera model series. The Cayenne model series is pro-
duced at the multi-brand Volkswagen Group site in Bratislava, Slovakia. Furthermore,
some Cayenne models designated for the Malaysian market undergo assembly by third-
party entities at a facility located in the Kulim District, Kedah, Malaysia. Weissach, near
Suttgart, serves as the company's dedicated research and development center, where
Porsche vehicles undergo development from the initial concept sketch to the final produc-
tion stage.

3
As a global company, Porsche AG maintains a sales network comprising more than 900
sales partners across over 120 markets worldwide, primarily following a selective distribu-
tion approach. Finished vehicles are supplied to the importers in each market. The eco-
nomic organization of these importers is influenced by the market's size, with larger mar-
kets housing Porsche AG subsidiaries such as Porsche Deutschland GmbH in Germany or
Porsche Brasil Importadora de Veiculos Ltda in Brazil. Conversely, smaller markets fea-
ture independent importers coordinated by regional offices. These importers distribute ve-
hicles to local dealers in their respective markets, most of whom offer vehicles and ancil-
lary products and services to end customers. Furthermore, in 2019, Porsche AG introduced
indirect online sales, a digital form of selective distribution.

In the year 2022, the collective production output of the worldwide automotive sector
amounted to approximately $2.52 trillion in terms of value. Projections suggest a modest
uptick in 2023, with the potential to reach around $2.56 trillion. It's worth emphasizing that
the global automotive industry had already been witnessing a gradual decline in sales be-
fore the onset of the COVID-19 pandemic in 2019. The peak year preceding this decline
was 2019 when sales hit a historic high at $2.88 trillion.

All Porsche models, with the exception of the Cayenne model, are produced in Germany.
This production structure underscores the significant role played by German automotive
suppliers in Porsche's business environment. Porsche's main suppliers include well-known
companies such as Robert Bosch GmbH, Continental AG, Mahle GmbH, ZF
Friedrichshafen AG, Thyssenkrupp Automotive Systems GmbH and Schaeffler AG.

Defining Porsche's competitive position turns out to be a task of some complexity. This
results from various factors, with the price range on the domestic market being a signifi-
cant aspect, ranging from €60,000 for the entry-level model to €250,000 for the basic
model. In addition, the automotive market is saturated with a large number of suppliers.
Given these challenges, we decided to conduct a comprehensive analysis of direct competi-
tors that are in comparable price segments. These competitors are Maserati, Lexus and
Jaguar, which operate in similar price regions.

Globally, there are approximately two million active Porsche customers, each of whom
possesses at least one Porsche vehicle. Among these, more than 240 thousand are located
in Germany. The average age of customers worldwide stands at 55 years old. Moreover,
the customer demographic consists of 20 percent females and 80 percent males. On aver-
age, Porsche owners retain their vehicles for about five years worldwide. Furthermore,
Porsche's existing customer base is notable for their substantial income, remarkable ambi-
tion, and strong career orientation. Additionally, it can be inferred that Original Equipment
Manufacturer customers tend to exhibit a higher affinity for technological advancements,
digital innovations, and luxury compared to the general population. Simultaneously, they
are recognized for their strong brand loyalty and reduced sensitivity to price fluctuations.

In the forthcoming analysis, we will undertake an extensive evaluation of Porsche AG. Our
examination will have a global perspective, considering that the challenges confronting the
automotive industry of transformation from combustion engines to e-mobility have a
worldwide scope and are not confined to any particular national market. To ensure a thor-
ough analysis and acquire diverse insights, we engaged in interviews with Porsche team
members based in both Brazil and Germany. By doing so, we were able to collect varying
viewpoints and construct a more holistic portrayal.

4
2 External Analysis

2.1 Pestel
In order to understand Porsche’s actions, we decided to conduct a Pestel-Analysis. This
helps us to describe the marked environment Porsche acts in and the risks and challenges
the company faces. The external influences resulting from this analysis show us to which
changes and factors Porsche needs to pay attention to.

Political

As a luxus sports car brand Porsche underlies the policies posed by the government of the
respective country in terms of pollution caused by carbon emissions. Therefore, these regu-
lations have a direct impact on the production and product portfolio of Porsche considering
that the automotive industry is striving towards sustainability. Being a company with a
high degree of internationalization, Porsche is exposed to a high sensitivity regarding polit-
ical stability. Political instability in the respective geographical area affects consumer and
investor confidence negatively and can reduce consumption, the number of investments
and therefore the economic growth of Porsche. This also applies to political uncertainties.
Constant changes of regulations require quick adaptions but make decision-making chal-
lenging. Corruption, fraud and lack of transparency reduce the crucial trust of the stake-
holders. Furthermore, Porsche’s business operations are affected by trade regulations in-
cluding trade agreements and trade limits which influence the financial costs of their inter-
national supply chain as well as the access to different markets. Free trade agreements
should be considered an important factor in evaluating the attractiveness foreign business
partners.

Economical

High inflation rates have negative impacts on the sales and revenue of businesses like lux-
ury sports cars companies as they reduce the purchasing power of money and consumers
do not possess a lot of extra money they can spend on expensive cars. Porsche also heavily
relies on well-trained and skilled workforce in order to stay competitive. So that the com-
pany can successfully attract the required workers, Porsche is required to conduct a analy-
sis of the labour market as well as the current demand of potential employees. Since
Porsche is a company with a global supply chain and international stakeholders and
sources many materials internationally, the respective costs depend heavily on the ex-
change rates. Fluctuations might considerably increase these costs which needs to be con-
sidered by the financial department. When planning expanding the business internationally,
Porsche should also consider the economic growth rates as positive growth can increase
consumption an therefore Porsche’s sales and revenue.

Social

As mentioned above, Porsche needs to analyse the demands of potential employees. This
also applies to their hired workers. They might for example prefer low hierarchies which
should be considered by the HR department. Also, the consumer behaviour should be con-
stantly monitored as consumer preferences are changing. One trend currently occurring in
society is sharing economy. Businesses acting in the automotive industry need to include
the shift towards shared mobility in their calculations. Even though sales are still expected
to grow, the growth rate will be lower in the future than it is now. Furthermore, in the fu-
ture consumers might change their needs regarding what the private care needs to offer.

5
This is due to a variety of factors including the shift towards getting products delivered to
their home instead of collecting or fetching them themselves. These shifts cause a change
in the purpose of the car. Another point is, that during low inflation periods consumers
own extra money and they might be more willing to spend more money on luxury cars.
Also, demographical changes plan an important role as younger consumers also need to be
targeted by the marketing strategy and product portfolio. As the consumer demands regard-
ing sports cars are changing, Porsche needs to adapt their products and marketing in order
to meet their demands. The younger consumers possess a higher level of technical knowl-
edge and expect sustainable and convenient mobility solutions. They prefer fuel efficient
vehicles with fewer emissions and therefore consider buying battery electric vehicles
(BEVs) or plug-in hybrid vehicles (PHEVs) over other models. Todays buyers also have an
increased demand for customization which makes car manufacturers like Porsche need to
adapt and produce a greater variety of models while minimizing volume. This reduces
economy of scale which also needs to be considered in financial calculations. In addition,
Porsche needs to consider cultural differences between the countries Porsche is promoting
and selling its cars to. Consumers in developed countries probably have different needs and
demands than clients in emerging markets. These demands need to be addressed differently
by the brand.

Technological

Innovation is one of the key elements contributing to Porsche’s ability to stay competitive
amongst its main competitors. Customer-oriented innovative features to the cars can im-
prove user experience and lead to more efficient usage of the vehicles. This is why invest-
ing in R&D is of great importance and value for brands like Porsche. Current trends in -
clude autonomous driving and connectivity which allow the car drivers to dedicate their
now free transit time to other activities like consuming media. Furthermore, when planning
international expansion, Porsche should consider how well developed the different techno-
logical infrastructures are as high development in this area can drive the already mentioned
important innovation in general but also in a less expensive way.

Environmental

Sustainability is becoming more and more important in today’s world also became a cru-
cial factor for consumers when considering buying a new car. Therefore the automotive
industry is obliged to consider these new customer demands when producing new cars and
promoting them with their marketing mix. But not only clients make these changes neces-
sary. Governments have posed regulations considering sustainability which puts pressure
on companies to reduce the harm of their production and final products on the environ-
ment. There is a series of harmful emissions which are being released into the environ-
ment. These include energy, toxins and metals during the manufacturing process as well as
the fossil fuel required for the vehicle to operate. A problem Porsche might be facing in the
future is product scarcity. Lack of materials used in Porsche cars could make the produc-
tion costs more expensive for the brand which also results in higher prices to the con -
sumers.

Legal

There is a series of laws and regulations which need to be complied with. Some of them
are placed in order to ensure the safety of the customers. These include physical safety and

6
privacy concerns considering data protection. Besides that, some other regulations protect
the rights of Porsche employees. This includes fair payments, equality and also safety.

2.2 Five Forces

The Porter's Five Forces model is an analytical framework developed by Michael Porter to
assess the attractiveness and competitiveness of an industry. By analyzing the forces at
work in the immediate environment, this model aids in understanding the competitive dy-
namics that can affect a particular company, such as Porsche. This can result in a thorough
comprehension of the competitive dynamics and difficulties the company might encounter
in its industry. By identifying the areas Porsche has to concentrate on to maintain its com-
petitive advantage in the luxury car industry, this can help Porsche make strategic deci-
sions that will enhance its competitiveness.

Threat of New Entrants

To understand the threat of new entrants, we must consider both the barriers present in the
traditional automotive industry and the barriers specific to Porsche's position, which is in
the luxury car market. Overall, we can identify a low threat of new entrants for several
reasons.

Considering the traditional motor vehicle industry, it presents a low threat of entry. Firstly,
we can identify a relatively high MES (Minimum Efficient Scale of Production) and signif-
icant economies of scale in many sector-specific activities, such as R&D, procurement,
production, and marketing. Secondly, challenges in creating distribution channels, such as
dealerships for sales, can be difficult. The sector is characterized by complexity in the sup-
ply chain and technology. Additionally, strict government regulations in terms of licenses
and legal requirements act as barriers to entry.

Regarding the luxury car segment, a significant barrier to entry is characterized by the
strength of the brand and the ensuing status, exclusivity, perceived value, usage experi-
ence, and product quality, which require sophisticated production lines. All these factors
make entry for new competitors very complicated. An element that could increase the
threat is the presence of not very low switching costs: it is relatively easy to purchase new
luxury cars from different competitors. Therefore, it becomes crucial to cultivate customer
loyalty and establish a strong brand connection to prevent the risk of them switching to
another brand.

Threat of Substitutes

The threat of substitutes of direct competitors is medium low since the substitutes offering
similar products are not as numerous as in the traditional lower-end car sector. We can
identify Lexus, Maserati and Jaguar as a direct competitor, then we can identify other
brands like BMW, Audi, Ferrari, Lamborghini, Mercedes for certain models; there is com-
petition, but they either have significantly higher costs or a weaker brand. Customer loy-
alty is high, and furthermore, Porsche offers models that are quite distinct from one an-
other, even in terms of price range, which contributes to attracting and retaining customers.
Hence, we can consider this threat to be moderate.

7
Regarding indirect or generic threat of substitution is very low, luxury cars are purchased
not only for functionality but especially for style, design, comfort, and status symbol. Pos-
sible substitutes could be, for example, helicopters, but currently, they have much higher
costs and therefore do not pose a threat. Another potential substitution threat arises from
the rising trend of leasing luxury cars instead of purchasing them outright. According to
the analysis conducted by Data Bridge Market Research, the luxury car leasing market is
experiencing consistent growth, reaching $20.89 billion in 2022 and estimated to reach
$56.73 billion by 2030. This shift in consumer behaviour indicates that an increasing num-
ber of customers prefer leasing luxury vehicles over buying, challenging Porsche's tradi-
tional sales model. The availability of detailed market analyses, including growth projec-
tions, suggests that it is essential to adapt to this emerging trend to maintain competitive -
ness in the luxury automotive sector. Porsche already offers leasing options, and in the
future, it will need to further concentrate on this aspect to stay ahead in the market.

An element that could pose a threat to Porsche is the sudden shift towards electric vehicles.
However, Porsche has also begun to move in this direction with the production of a fully
electric model, the Taycan, and two hybrid models: the Cayenne E-Hybrid and the Panam-
era E-Hybrid. Many luxury companies have initiated the production of hybrid and electric
cars, leading to a significant rise in competition. The ability to address this new develop-
ment could alter the power dynamics. Moreover, strong competition will arise from com-
panies like Tesla, whose primary focus is on electric car production. Much will depend on
the evolution of these companies and the target audience they choose to pursue. For all
these reasons, we can consider the level of competition to be medium low, but it’s increas-
ing.

Intensity of Rivalry

To define Competitive Rivalry, it's important to observe the market share of companies
producing luxury cars. First and foremost, we need to establish what is meant by luxury
cars; some countries define them based on performance and engine power, while others
base it on pricing. Calculating market share becomes complex as some companies offer
both mid-range and luxury car models. For instance, the base model of BMW 1 Series
starts at €31,300, whereas the least expensive Porsche model, the Taycan 718, starts at
€67,400. Due to this, calculating market share might not yield highly meaningful results.

As per Fortune, the luxury car market was valued at $1.05 trillion in 2022, increased to
$1.17 trillion in 2023, and is projected to reach $2.55 trillion by 2030, showcasing a Com-
pound Annual Growth Rate (CAGR) of 10.5% during the forecast period. Particularly, the
Asian market for luxury cars is expected to witness substantial growth in the upcoming
years, presenting a significant opportunity for the industry.

According to a McKinsey study, unlike the traditional automotive sector, profit margins for
luxury car brands have shown double-digit variation from 2016 to 2021, while the mass
market remained in the low single digits during the same period, with an average margin
around 10%. However, these margins vary significantly from company to company.

This relatively high margin is maintained despite high fixed costs. In contrast to the tradi-
tional automotive sector, in the luxury segment, price is not the sole determining factor.
Competition is high, customers are very demanding, and significant innovation is neces-
sary to retain a customer base. An important element of differentiation is creating an expe-
rience both during the car purchase and ownership, making customers feel part of a com-

8
munity. For these reasons, despite the intense competition, they can afford to maintain
higher margins. Lastly, exit barriers are high and present a significant obstacle. Overall, we
can describe the competition as moderately high and increasing due to the gradual shift
towards hybrid and electric vehicles, which could reshape the dynamics within the luxury
car industry.

Bargaining power of buyers

End customers of Porsche, given the brand's positioning in the luxury car market, tend to
have significant bargaining power, but this is then balanced by several factors. There are
various competing brands, and if Porsche fails to meet their expectations in terms of per-
formance, services, support, and overall experience, customers might turn to competitors.
Moreover, customers now have access to a wealth of information, increasing their bargain-
ing power. This compels Porsche to maintain high standards and offer distinct value.

Compared to the traditional car market, customers have less bargaining power due to the
limited number of competitors in the market. Although the cost of switching for customers
isn't particularly high in terms of ease of replacing a car, this ease is counterbalanced by
the perception of brand value and associated psychological costs, giving Porsche an advan-
tage over its buyers. The psychological impact, especially the emotional connection estab-
lished between customers and the brand, should not be underestimated. The emotional res-
onance and sentiments evoked among customers represent a nearly unique phenomenon
within the automotive industry. This is further exemplified by the enduring loyalty demon-
strated by a significant number of Porsche customers who commit to lifelong patronage of
the brand.

Another distinctive factor for Porsche is product diversification, offering various car mod-
els to broaden the customer base and thus reduce their bargaining power through greater
dispersion. Luxury brands like Porsche also manage to lessen bargaining power by promot-
ing brand exclusivity and striving to enhance customer loyalty. Based on all these consid-
erations, we can consider the buyers' purchasing power to be moderate.

Bargaining power of suppliers

The bargaining power of suppliers is moderate to low, but it is growing. Raw material sup-
pliers for the automotive industry, such as steel, are available in high quantities, which
keeps their bargaining power low. In addition, Porsche belongs to the Volkswagen Group,
which allows for significant bargaining power with suppliers.

Porsche's main suppliers are major German automotive suppliers. These suppliers bring
expertise and innovation that help Porsche ensure quality and reliability. Consequently,
Porsche maintains close relationships with these suppliers to preserve interdependence,
thereby limiting their bargaining power. In addition, Porsche holds a minority stake in
Bertrandt AG and can thus increase its influence with this supplier. Due to the low ease of
substitution for Porsche and other players in this sector, additional competitive advantages
arise. The high capital investment required in this segment discourages further vertical
integration by suppliers, thus amplifying Porsche's advantage in its supply chain.

However, there are rarer materials that grant suppliers greater bargaining power, especially
during the transition to electric and hybrid vehicle production. In particular, the key sup-
plier for the electric vehicle industry that could wield strong bargaining power is the bat-

9
tery supplier, as batteries represent a significant component of electric vehicle costs. The
potential scarcity of this key element and its importance in the performance of the power-
train give suppliers a considerable competitive advantage. But Porsche is trying to tackle
this. In cooperation with Customcells Itzehoe GmbH, Porsche has launched a joint venture
called Cellforce Group GmbH, which aims to reduce dependence on external suppliers in
the field of high-performance battery cells in the future. The establishment of the Cellforce
Group is seen as a decisive step to significantly promote the research, development, pro-
duction and marketing of high-performance cells. This joint venture represents a strategic
measure through which Porsche is positioning itself for the long term while minimizing its
dependence on external partners.

Threat of New Entrants Low

Threat of Substitutes Medium-low, but it’s increasing

Intensity of Rivalry Moderately high and increasing

Bargaining power of buyers Moderate

Bargaining power of suppliers Medium-low, but it’s increasing

Expected Firm Performance

Due to all these characteristics, the expected Firm Performance of the market appears to be
quite high, but it could slightly decrease in the future based on the evolution of the automo-
tive sector related to electric cars.

Competitive dynamics

To define Porsche's main competitors, it's important to categorize them into various
groups. We can identify direct competitors, which are companies that offer similar models
and price ranges. There are also other competitors that may be considered as such only for
some of their models.

Among the direct competitors, we can highlight Maserati, Lexus, and Jaguar. All these
competitors, in their annual reports, list crucial elements for the evolution and progress of
their brand: technological innovation, quality pursuit through craftsmanship, performance,
and sustainability. All major brands have set a goal to produce only electric cars.

Maserati, now owned by the Stellantis group, closed the year 2022 with the delivery of
25,900 cars and revenues of 2.32 billion euros, marking a 14.7% growth compared to
2021. The margin was 8.7% in 2022 but exceeded 10% in the second half of the year. Ac -
cording to the 2021 electrification plan, all Maserati models will have a 100% electric ver-
sion by 2025, and the entire Maserati range will be fully electric by 2030. In 2022, Stellan-
tis finalized a joint venture with Samsung SDI for the production of battery cells and mod-
ules for North America.

Lexus, the luxury brand of the Japanese automaker Toyota, was officially launched in 1989
with the goal of competing with European and American luxury brands. In 2022, electric

10
car sales accounted for 21.3% of total sales with the aim of reaching 100% by 2030. Lexus
sold 625,365 vehicles worldwide in 2022, a 18% decrease compared to 2021.

Jaguar, purchased by the Indian Tata Motors group in 2008, experienced a 28,5% contrac-
tion in sales in key regions in 2022 compared to the previous year. As a strategy for recov -
ery, Jaguar announced that starting from 2025, it will become a fully electric luxury brand.

Other competitors we can identify are BMW, Audi, and Mercedes. However, these brands
also offer vehicles in lower and mid-range segments compared to Porsche, so only some of
their models can be considered as competitors. We will probably consider Mercedes as a
direct competitor within a few years given their new strategy to focus more on the luxury
sector. Finally, brands like Ferrari, Lamborghini, Aston Martin, and Bentley have signifi-
cantly higher price ranges and can only be compared to Porsche's top-of-the-line models.

11
References
Ansa, R. (2022). Mercedes Strategia Luxury, una evoluzione anche in Italia. ANSA.
https://www.ansa.it/canale_motori/notizie/postit/Mercedes/2022/09/27/mercedes-
strategia-luxury-una-evoluzione-anche-in-italia-_50455f40-826e-4d0d-bfeb-
9eb912481366.html
BMW Italia. (2023). Modelli BMW | Scopri i modelli sportivi.
https://www.bmw.it/it/gamma.html
Boeris, D. A. (2023). Stellantis, Maserati deve aumentare i margini prima di valutare lo
spin-off. MF Milano Finanza. https://www.milanofinanza.it/news/stellantis-
maserati-deve-aumentare-i-margini-prima-di-valutare-lo-spin-off-
202303211134213735
CUSTOMCELLS. (2021). Cellforce Group GmbH: Joint Venture von Porsche und CUS-
TOMCELLS®. https://www.customcells.de/unternehmen/presse/detail/cellforce-
group-gmbh-joint-venture-von-porsche-und-customcells/
Fortune Business Insights. (2023). Luxury Car Market Size, Share, Trends | Growth Re-
port, 2030. https://www.fortunebusinessinsights.com/luxury-car-market-104453
Guest, S. (2021). How The Automotive Industry Is Driving Toward A Sustainable Future.
Forbes. https://www.forbes.com/sites/sap/2021/12/01/how-the-automotive-
industry-is-driving-toward-a-sustainable-future/?sh=2295e6dd8f1b
Jaguar. (n.d.). Our History - Jaguar Heritage | Jaguar USA.
https://www.jaguarusa.com/about-jaguar/heritage/index.html
Jaguar. (2021). JAGUAR LAND ROVER REINTERPRETA IL FUTURO DEL LUSSO
ATTRAVERSO IL DESIGN. Jaguar Media Newsroom.
https://media.jaguar.com/it-it/news/2021/02/jaguar-land-rover-reinterpreta-il-
futuro-del-lusso-attraverso-il-design
Lexus. (2022). LEXUS HISTORY. Lexus Europe Newsroom.
https://newsroom.lexus.eu/lexus-history/
Manoukian, J. (n.d.). The Psychology Of Luxury Car Buyers: 7 Considerations. Lime Light
Platform. https://www.limelightplatform.com/blog/psychology-luxury-car-buyers-
considerations
MarkLines Co., Ltd. (2023). Lexus sold 625,365 units, down 18% in 2022. MarkLines
Automotive Industry Portal.
https://www.marklines.com/en/news/282454#:~:text=On%20January%2030%2C
%20Toyota%20announced,YoY%20in%20the%20second%20half.
Maserati. (2022). Novità sul 2021 e il piano di Maserati per l’elettrico | Maserati IT.
Maserati. https://www.maserati.com/it/it/news/risultati-2021-piani-elettrico
Mast, G. (2023). TOYOTA MOTOR NORTH AMERICA REPORTS YEAR-END 2022 U.S.
SALES RESULTS - Lexus USA Newsroom. Lexus USA Newsroom.
https://pressroom.lexus.com/toyota-motor-north-america-reports-year-end-2022-u-
s-sales-results/
McKinsey & Company. (2016). Automotive revolution – perspective towards 2030.
https://www.mckinsey.com/industries/automotive-and-assembly/our-insights/
disruptive-trends-that-will-transform-the-auto-industry/de-DE
Munoz, F. (2023). Jaguar, perché un marchio leggendario è in crisi. Motor1.com.
https://it.motor1.com/news/656097/auto-land-rover-range-jaguar/
Ore, I. S. 2. (2023). Maserati, risultati ottimi nel 2022: ricavi a oltre 2 miliardi di euro e
vendite in aumento. Il Sole 24 ORE. https://www.ilsole24ore.com/art/maserati-
risultati-ottimi-2022-ricavi-oltre-2-miliardi-euro-e-vendite-aumento-AEsqgsrC
Porsche AG. (2015). Der neue Mann an der Porsche-Spitze. Porsche Newsroom.
https://newsroom.porsche.com/de/unternehmen/porsche-oliver-blume-

12
 vorstandsvorsitzender-portraet-11520.html
Porsche AG. (2017). Die Geschichte des Konstruktionsbüros Porsche. Porsche Newsroom.
https://newsroom.porsche.com/de/unternehmen/porsche-1931-1951-historie-studie-
buch-konstruktionsbuero-ferdinand-porsche-14142.html
Porsche AG. (2018). Seit 70 Jahren steht Porsche für Sportwagen. Porsche Newsroom.
https://newsroom.porsche.com/de/unternehmen/porsche-70-jahre-sportwagen-
neujahrsempfang-jubilaeum-356-nr-1-roadster-ferry-porsche-ferdinand-alexander-
porsche-tradition-zukunft-mission-e-oliver-blume-14749.html
Porsche AG. (2022a). Porsche startet mit erfolgreichem Börsengang in eine neue Ära.
Porsche Newsroom. https://newsroom.porsche.com/de/2022/unternehmen/porsche-
ag-boersengang-p911-boerse-frankfurt-29829.html
Porsche AG. (2022b). Porsche Strategie 2030. Porsche Newsroom.
https://newsroom.porsche.com/de/unternehmen/porsche-geschaefts-und-
nachhaltigkeitsbericht-2021/porsche-strategie-2030.html
Porsche AG. (2022c). Porsche strebt Wachstum im Luxussegment an. Porsche Newsroom.
https://newsroom.porsche.com/de/2022/unternehmen/porsche-capital-markets-day-
29080.html
Porsche AG. (2022d). The brand for those who follow their dreams. Capital Markets Day
2022. https://investorrelations.porsche.com/en/calendar/cmd/
Porsche AG. (2023a). Annual Financial Statements Dr. Ing. h.c. F. Porsche Aktiengesell-
schaft: Fiscal year 2022. Investor Relations.
https://investorrelations.porsche.com/en/financial-figures/
Porsche AG. (2023b). Geschäfts- und Nachhaltigkeitsbericht 2022 der Porsche AG.
Porsche Newsroom. https://newsroom.porsche.com/dam/jcr:0573f8a1-6f15-454c-
8e58-dbe2e6ee826e/Geschäfts-%20und%20Nachhaltigkeitsbericht
%202022%20Porsche%20AG.pdf
Porsche AG. (2023c). Gesellschaften & Dienstleistungen.
https://www.porsche.com/germany/aboutporsche/service/
Porsche AG. (2023d). Porsche electric motor for modern drive technology. - Porsche AG.
Dr. Ing. h.c. F. Porsche AG.
https://www.porsche.com/international/aboutporsche/e-performance/models/
Porsche AG. (2023e). Porsche erreicht Rekordwerte und startet Programm „Road to 20“.
Porsche Newsroom.
https://newsroom.porsche.com/de_CH/2023/unternehmen/porsche-
jahrespressekonferenz-geschaeftsjahr-2022-geschaefts-und-nachhaltigkeitsbericht-
31564.html
Porsche Deutschland. (2023). Übersicht aller Porsche Modelle.
https://www.porsche.com/germany/models/
Porsche Italia. (2023a). Porsche Motore elettrico Porsche per una tecnologia di trazione
moderna - Porsche Italia. https://www.porsche.com/italy/aboutporsche/e-
performance/models/#:~:text=I%20modelli%20Porsche%20attualmente
%20disponibili,di%20partenza%20pari%20al%205%25
Porsche Italia. (2023b). Prospetto di tutti i modelli Porsche.
https://www.porsche.com/italy/models/
Porsche SE. (2023). Über uns. https://www.porsche-se.com/unternehmen/ueber-uns
Schneider, V. (2023). Interview between V. Schneider & V.Ramos Schibel.
Statista. (2022). Porsche-Kunden: Konsumenten & Marken.
https://de.statista.com/statistik/studie/id/61216/dokument/porsche-kunden/
Statista. (2023a). Premium vehicles - luxury car market size worldwide 2010-2022.
https://www.statista.com/statistics/281574/size-of-the-luxury-car-market/

13
Statista. (2023b). Umsatz der weltweiten Automobilindustrie bis 2023.
https://de.statista.com/statistik/daten/studie/1396239/umfrage/marktvolumen-der-
automobilindustrie-weltweit/
Stellantis NV. (2023). Annual Report and Form 20-F for the year ended December 31,
2022. https://www.stellantis.com/content/dam/stellantis-corporate/investors/
financial-reports/Stellantis-NV-20221231-Annual-Report.pdf
Touch, L. (2023). The automotive industry: opportunities and challenges | Blog. Lever
Touch. https://www.levertouch.com/automotive-industry-opportunities-and-
challenges/
Volkswagen AG. (2022). Oliver Blume folgt auf Herbert Diess als Vorstandsvorsitzender
des Volkswagen Konzerns. Volkswagen Group. https://www.volkswagen-
group.com/de/pressemitteilungen/oliver-blume-folgt-auf-herbert-diess-als-
vorstandsvorsitzender-des-volkswagen-konzerns-16789?
query=oliver+blume+übernimmt+vorstandsvorsitz
Volkswagen AG. (2023). Konzern. Volkswagen Group. https://www.volkswagen-
group.com/de/volkswagen-chronik-17351/19922015-17360

14