Porsche 2007 Annual Report Download - page 59

Markets
The growth markets in Asia and Eastern Europe, the Middle East and
Latin America are increasingly becoming engines for the growth of
Porsche’s business. However, the Company continues to exploit market
potential in its traditional markets.
The automotive industry in many countries has been facing a headwind since
the beginning of Porsche’s fiscal year 2007/08 as the finance and real estate
crisis has spread beyond US borders and the confines of the banking sector.
In the course of 2008, consumers in all Western societies lost faith in con-
tinued economic growth. Only emerging markets such as China, India and the
Middle East retained a positive outlook for their economies. This development
is also reflected in Porsche’s business figures. Around 20 percent of sales
were already generated in China, the Middle East, Russia and Latin America
in the year under review.
To better exploit market potential, Porsche established new subsidiaries in
Switzerland, South Eastern Europe, Hong Kong and Canada. These countries
and regions had previously been overseen by independent importers, joint
ventures or, in the case of Canada, from the US. Therefore over 95 percent
of Porsche’s sales were directly controlled via subsidiaries and regional offices
as of the end of the year under review. This compares favorably to the situation
in the mid-90s, when half of the total volume of vehicles was still sold through
independent dealers.
In fiscal 2007/08, Porsche delivered a total of 99,342 vehicles to cus-
tomers, 0.6 percent more than in the previous year. Over one third of the
32,300 sports cars sold from the 911 series were Turbo, GT2 or GT3 models.
11,351 vehicles delivered represents a new record for these premium mo-
dels of the 911 series. The new generation 911 Carrera, which was intro-
duced near the end of the year under review, already accounted for 740 units.
The Boxster series, which includes the Cayman models, was able to maintain
its market share in a fast-shrinking segment despite of partially generous
discounts, offered by certain competitors. At 22,869 units, the mid-engined
sports car remained well above the 20,000 mark. This success was due
in part to special edition models such as the Boxster RS 60 Spyder or the
Cayman Porsche Design Edition 1.
The Cayenne sporty off-road vehicle set a new delivery record of 44,173 units
in the first year in which the second generation was fully available. This was
due not only to flourishing business in international growth hotspots such as
China and the Middle East, but also the successful launch of the particularly
sporty Cayenne GTS. Although the model was only available for six months
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