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The Company

Two smaller rings supporting a biggerone—that was the symbol of the 60th

International Motor Show (IAA) in Frankfurt.Porsche, in keeping with the celebrationsof the 40th birthday of the quintessentialsports car—the 911—maintained itssteadfastly classic approach. Its presencein Hall 5 was the perfect embodiment ofthe motto of the Frankfurt show: “Cars—Pure Fascination.” Porsche expressed itsinterpretation in typical fashion—with sev-en new models: Carrera GT, Carrera 4SCabriolet, Turbo Cabriolet, 911 GT3 RS,911 GT2, Cayenne V6 and the anniversaryedition of the 911. Seven wonders of themodern world.

Seven WondersWhen the economic recovery sets in, Porsche will be prepared for it.This message is underscored by the presentation of seven new modelsat the International Motor Show (IAA) in Frankfurt and the strong surgein growth in the last fiscal year.

“This IAA is unlike any other motor show,for it comes at a time that could hardly bemore auspicious,” declared Porsche CEODr. Wendelin Wiedeking in his welcomingaddress to 500 journalists. “Following theterrible events of September 11, 2001,economic conditions for the automobile in-dustry were anything but favorable. Now,we are starting to receive more and morepositive news about the business climate.”At the Porsche press conference and onthe nearly 1,800 square meters (19,000square feet) of exhibition space, businesswas booming. Even if general economicexpectations may be based on a “per-ceived recovery,” Wiedeking’s statement is

State visit: Chancellor Gerhard Schröder was one of the GT’s admirers

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ing on July 31, 2003. Although the difficultbusiness environment and weak economiesin the USA and Germany, the company’smain markets took their toll, the sporty SUV Cayenne—introduced in December2002—proved to be a real growth engine.According to the preliminary figures, com-pany unit sales rose by 23.2% to 66,803vehicles (previous year: 54,234 units). TheCayenne model contributed 20,603 unitsto this result, of which 23% (4,744) wereCayenne Turbo models.

Sports car sales fell by 14.8% to46,200 (previous year: 54,234). Although27,789 units of the 911 series were sold,this was 14.1% lower than the record set inthe 2001–’02 fiscal year (32,337 units),and it is still the second-highest sales resultever achieved. Of the 18,411 total unitssold from the Boxster series (minus15.9%), the Boxster S had a share ofaround 45% (8,254 units).

A total of 73,284 vehicles were pro-duced, which represents a 33.1% increaseover the previous year (55,050). At thenew Leipzig plant, 24,925 Cayennes rolledoff the assembly lines. 29,571 units of the911 were manufactured; in the previousyear that figure was 33,061 (minus10.6%). Included among these were nu-merous Carrera 4S and Turbo convertiblemodels, which only hit the market in the fallof 2003. Production of the Boxster modelseries amounted to 18,788 units, following21,989 the previous year (minus 14.6%);of these, 18,031 were produced in Finland(previous year: 20,337).

New records were also reached in termsof sales volume and profit. Total companyrevenue grew by 15% to the order of ¤ 5.6billion (previous year: ¤ 4.86 billion). Pre-

much more than a matter of subjective im-pression: “Porsche is in ideal shape to takeadvantage of an economic upturn. We cur-rently have not only the broadest, but alsothe most fascinating product portfolio inour company’s history.”

A total of 21 vehicles and several showmodels, like the carbon-fiber monocoqueof the Carrera GT, the four-wheel drive ofthe Cayenne and the current range of en-gines, all invited the visitor to experiencethe fascination of Porsche. Each of theeleven days of the fair was like openingday, because the principle of openness ap-plied not only to the free access enjoyed bysports-car enthusiasts and their digitalcameras, but also to the chance to actual-ly take a seat behind the wheel of aPorsche. Curious eyes can demonstrate aremarkable zoom function. The followingdialogue achieved cult status: “Could Ijust...?” “Please go ahead...” High-perfor-mance modes and topics of conversation.

Mercedes boss Jürgen Hubbert andGerman Chancellor Gerhard Schröderwere among those who gladly took the op-portunity to inspect the technology and thecars. During his tour of the fair, Schrödersingle-mindedly swung himself into theCarrera GT. The power of the ten cylindersis something he would like to see for theentire German car industry. In any case, hefirmly pledged his political support: “Themarket is in motion, and I intend to doeverything I can to ensure that it moves ina forward direction.”

The splendid premiere atmosphere atPorsche was enhanced by the excellentpreliminary figures for the 2002–’03 fiscalyear. Porsche AG registered a powerfulsurge in growth in the twelve months end-

People and engines: Among those curious about innovation at Porsche was Mercedes bossJürgen Hubbert (right photo,center), here with GT Project Director Michael Hölscher andDr. Wendelin Wiedeking

In focus: Large numbersof pros and amateurs alike were on hand in Frankfurt. Demand for information on Porsche was likewise extremely high

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tax profit also increased markedly—de-spite the costs connected with the start ofproduction and global marketing launch ofthe Cayenne.

For Wendelin Wiedeking, these hearten-ing figures are proof of the correctness ofthe company’s philosophy: “We have ourprocesses under control, we are continu-ously increasing our productivity, and wework effectively. In short, the Porsche sys-tem functions very well.” For the fiscal yearthat has just begun, Porsche’s chief exec-utive expects further growth—in terms ofsales volume as well as unit sales. “We donot intend, however, to expand recklesslyand at any price, but rather to grow con-tinuously and purposefully.”

Nevertheless, for the predictions to en-joy the credibility that represents one of thefundamental corporate values at Porsche,Wiedeking sees the need for external con-ditions to improve: “What will be decisive,however, is whether the so-called econom-ic gurus are right and the recovery actuallymaterializes. For despite all the creativityand all the commitment of our employees,in the long run it is difficult to swim againstthe stream of the world economy.”

For Wiedeking, however, the bottom lineis clear: “We at Porsche are optimisticabout the future. That is another reasonwhy we are convinced that this IAA can tru-ly provide new growth impulses both forthe industry as a whole and for Porsche inparticular. In any event, our company is su-perbly positioned and prepared for the re-covery. Whenever it may come.”

It was thus only logical that visitors tothe Porsche display area could read the fol-lowing words above the exit: “Porsche—one step ahead.” �

Open for inspection:The Carrera GT reveals

its inner virtues,as does the Cayenne

Flooring experience:Some of the visitors atthe Porsche IAA standexamined the Cayennefrom the bottom up