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Porsche to cooperate with Valmet until 2012 – Magna Steyr will be new partnerThe Breathing Factory Model Will Continue in Future

Stuttgart. Dr. Ing. h.c. F. Porsche AG, Stuttgart, will be continuing the successful cooperation on the production of the mid-engine models Boxster and Cayman with the Finnish manufacturing partner Valmet Automotive until the year 2012, thus fulfilling it contractual obligations. In a call for tenders, Porsche has chosen Magna Steyr Fahrzeugtechnik AG & Co KG, Graz, as future contract manufacturer. The Austrian enterprise secured the contract because it submitted the most financially attractive offer, and because it is in a position to take on development tasks for Porsche sports cars.

Holger P. Härter, Deputy Chairman of Porsche SE, and as Chief Financial Officer responsible for the allocation of commissioned production, comments: “Over the last eleven years, Valmet has built more than 200,000 sports cars of outstanding quality for us. Our decision not to continue our successful cooperation is in no way a vote against Valmet. Rather, it was the high development capacity and competence of our future partner that tipped the balance in favor of our new partner.”

Magna Steyr will make it possible for Porsche to continue the model of the “breathing factory” in the next decade. From 2012 onwards, all production volumes of the Boxster series, which, for capacity reasons, are not able to be completed in Zuffenhausen, will be taken on by Magna Steyr’s factory in Graz. Porsche will supply the engines and various components. This ensures that in future, too, production at Porsche’s main factory in Stuttgart-Zuffenhausen will run at full capacity. Further synergies arise from the numerous supply relations between Porsche and the Magna Group: the enterprise already manufactures many important components for Porsche. There are intersections particularly in convertible top systems and bodywork components.

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6/26/2008