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Porsche subsidiary in Korea to begin officially on January 1st, 2014German sports car manufacturer on the road to success in Asia

Stuttgart/Seoul. Porsche officially announces the establishment of a new subsidiary in Korea at the 65th IAA Motorshow in Frankfurt, Germany. Bernhard Maier, Member of the Executive Board and in charge of Sales and Marketing of Dr. Ing. h.c. F. Porsche AG, announced the establishment of the sports car manufacturer’s 17th subsidiary headquartered in Seoul during a Porsche Press Briefing. The new Porsche subsidiary, Porsche Korea, will officially begin business January 1st, 2014.

Porsche Korea will be the fourth subsidiary in Asia following China, Japan and Singapore. The Asian countries altogether are an important growth market for Germany-based Porsche and the new Korean subsidiary will play an integral role to support Porsche’s commitment towards the region when implementing the company’s growth “Strategy 2018”. At the IAA 2013, Porsche is presenting (in hall 3.0, stand A12) among others the limited-edition "50 years of the Porsche 911" model and the latest-generation 911 Turbo. Porsche is also unveiling its sports car of the future, in the shape of the 918 Spyder plug-in hybrid.

Mr. Maier commented that “Korea is a strong market in Asia with enthusiastic sports car fans and solid sales along all Porsche models. Korea delivered 1,516 cars in 2012 and 1,357 cars through August, 2013 including 192 Boxster and Cayman, 803 Cayenne and 198 Panamera, as well as 164 of the iconic 911. With the introduction of new models and a solid customer base, we are confident that the Porsche Korea team will continue our brands’ success in Korea”.

Heading the new subsidiary, Porsche group hired Mr. Geuntak Kim as Managing Director of Por-sche Korea. Mr. Kim joins the company having an extensive career within the automotive industry with experience as Managing Director of GM Korea and with Chrysler Korea as Sales and Marketing Director. Mr. Helmut Broeker, Vice President of Regional Overseas and Emerging Markets comments, “This is the next big milestone for Porsche in the Asia Pacific region. Korea has a high potential for growth and with the establishment of a subsidiary we look forward towards a successful business development in cooperation with Porsche dealers in Korea”. Current dealer network in Korea consists of six dealers in Daechi, Seocho, Bundang, Ilsan, Incheon and Busan. Additional dealers area scheduled to open in Daegu, Daejun and Gwangju. Current importer Stuttgart Sports Cars Ltd., will maintain its role until the end of 2013 and will continue to represent Porsche in the market as a dealer group beginning in January, 2014.

During the press conference Bernhard Maier closed the briefing: "At Porsche, ‘fascination sports car’ is always a key consideration. The 918 Spyder and the Panamera S E-Hybrid are master-pieces of engineering and the perfect embodiment of the Engineered by Porsche philosophy. We firmly believe that efficient sports cars are in keeping with the times and still have a great future ahead of them also in Korea. Porsche plug-in hybrid technology will demonstrate, in the coming years, the intelligent synthesis of performance and sustainability.”

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9/16/2013