Porsche approves Carrera GT production

Press Release

Dr. Wendelin Wiedeking, President and Chief Executive Officer of Dr. Ing. h.c. F. Porsche AG Detroit Auto Show January 8, 2002 Ladies and Gentlemen, I am sure some of you will remember exactly where you were on 28 September 2000 and what made you get up at five in the morning on that day. Correct: You had accepted Porsche's invitation to come to the Louvre in Paris at that early hour. And even though this was indeed a very unusual time for journalists to attend such an event, I am convinced it was worth your while. Because at the time you witnessed a world debut that truly surprised the world. It was the first presentation of our Carrera GT already close to production trim. Indeed, driving the Carrera GT down the Champs Elysées, we proved to you clearly that this was not just some kind of show model, but rather a genuine high-performance sports car already fully prepared for the road. In the meantime we have carefully considered whether we would be able to find enough customers for the Carrera GT in the world market. And you will have noticed that we took a bit more time than usual to make our decision. Today, on 8 January 2002, it is my great pleasure to inform you here in Detroit that Porsche will be building the Carrera GT in a production volume of approximately 1,000 units. The market launch is planned for the year 2003. We already gave you the car's performance data in Paris: 5.5 litres capacity, maximum torque of 600 Newton-metres or 442 footpound, and maximum output of 558 bhp providing a top speed of over 330 kilometres or 205 miles per hour. We also wanted to make it quite clear through the Carrera GT what kind of strength, what kind of dynamic performance, and what kind of self-confidence the Company and the Porsche brand have in the market. A short glimpse at our latest Accounts and the Balance Sheet will show you that this is not just some kind of advertising claim or boastful statement. Today Porsche looks better and is healthier than ever before in its history. With our products we have the most thrilling and innovative model range ever since the very first Porsche was built back in 1948. And our latest models, the new 911 Coupe, Cabriolet, Targa and Carrera 4S making their US debut here at the Detroit Auto Show, have already proved their success in the market. So there can be no doubt about it: Through this model offensive giving our Company a truly enormous challenge, and with our best-selling Boxster, we have given Porsche a lot more momentum in our process of ongoing growth. Porsche comes right at the top of the world elite in terms of financial performance. Indeed, I believe that this substance of the Company is expressed most clearly by one figure describing the 2000/2001 year of business: our corporate earnings before tax. At 592.4 million Euro, we have not only boosted our corporate earnings by 36.5 per cent over the previous year's figure, but have also increased our return on turnover to 13.3 per cent. Let me make it quite clear: Porsche today is the most profitable car maker in the world. And I promise you that Porsche will remain profitable - all the more so as our Company is now about to grow into completely new dimensions. You all know the reason for this growth, the introduction of our third model series, the Cayenne. We now plan, through the Cayenne, to open up the door in the second half of next year into a market segment with above-average growth rates all over the world. The Cayenne will be a sports utility vehicle, not a sports car in the classic sense of the word. But it will be a real Porsche. There will be Porsche genes in each and every cell of the car, features you will see, feel and, of course, hear. Even the mere announcement of the Cayenne, and the fact that it will come with the "Made in Germany" stamp of quality, has created huge interest worldwide with our dealers and potential customers. We now know that we will be able to sell more than the 25,000 units a year we were originally looking at. It goes without saying, Ladies and Gentlemen, that this means great challenges for our sales companies, importers and dealers the world over. And the challenge is particularly significant for my colleagues of Porsche Cars North America, above all in the light of the events on 11 September of last year. Fred Schwab, the President of PCNA, will be telling you in a minute, however, how successful Porsche was in North America once again last year, despite those events. The terrorist attacks in New York and Washington as well as their repercussions naturally make it very difficult to forecast the ongoing development of the world economy - and the events create new questions every day, also for Porsche. It is just as clear that nobody can answer all questions right away and with absolute certainty. But we did know from the very first moment that the Company and the Porsche brand are well prepared to successfully master even exceptional challenges. I am therefore convinced that we will maintain our high standard of profitability also in the current year of business. Indeed, I can tell you here and now that in the 2001 calendar year we were able to increase our sales in North America once again over the figure in the year 2000, without sales-promotion measures such as zero-percent financing and despite the repercussions of 11 September. But again, Fred will be giving you more information in a minute. You clearly see from what I have said, Ladies and Gentlemen, that Porsche is a healthy Company with fascinating products and enormous potentials. We have every reason to look into the future full of optimism - and one of those reasons is the Carrera GT. This, Ladies and Gentlemen, is good news many customers have been waiting for ever since Paris! Official Press Release Following detailed studies the executive board of Porsche AG. has now given the "green light": The Carrera GT will be built. The Stuttgart sports car manufacturer wants to produce 1,000 units of this high performance sports car, the market launch of which is currently planned for the second half of the year 2003. This announcement was made today by the Chairman of the Board, Dr. Wendelin Wiedeking, in a press confer-ence held at the Detroit Motor Show . Porsche first presented a study based on this high performance sports car series at the Paris Automobile Salon on 28 September 2000. Public reaction to this completely new Porsche was positive throughout the world. Wiedeking: "With the Carrera GT we want to do more than just demonstrate our technical competence in the sports car segment. This vehicle also mir-rors the strength, the dynamic and the self-confidence of the company and the Porsche brand". The construction of the Carrera GT is based on pure racing car engineering. This applies to the chassis and the understructure as well to the new V10 engine and the six gear gearbox. With 5.5 litres cubic capacity, a torque of 600 Newton meters and 558 H.P. the Carrera GT guarantees top speeds of over 330 kilometres per hour. See links button for video of Carrera GT