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Porsche Financial Leasing Ltd. launches strategic funding cooperation with three banksPorsche further enhances its funding capacity for sustainable growth

• Porsche Financial Leasing Ltd. signed a Memorandum of Understanding for strategic funding cooperation (“MOU”) with Bank of China Shanghai Branch, Industrial and Commercial Bank of China, Shanghai Municipal Branch, No. 2 Business Dept., and Mizuho Bank (China), Ltd. in succession

• Porsche's dedication to diverse financial offers to end customers showcases the brand’s strong commitment to the market and exploration in China's automotive retail financing business.

Shanghai. Recently, Porsche Financial Leasing Ltd. and Bank of China Shanghai Branch, Industrial and Commercial Bank of China, Shanghai Municipal Branch, No. 2 Business Dept., Mizuho Bank (China), Ltd. signed a Memorandum of Understanding respectively, solidifying their commitment to strategic cooperation. Porsche Financial Leasing Ltd.expanded its business focus early this April by launching diversified self-operated financial solutions in the Chinese market, making them available to end customers for the first time.These offerings cover both new and pre-owned vehicles, providing consumers with tailored car financing options that cater to their unique needs. Recognizing the essential role of sufficient funding in facilitating this expansion, Porsche is resolutely committed to enhancing its financial resources. By forging strategic partnerships with global leading banks, Porsche Financial Leasing Ltd. will augment its funding and optimize its capital structure, thereby laying a robust foundation for sustainable growth.

According to the MOU, Porsche Financial Leasing Ltd. and Bank of China Shanghai Branch, Industrial and Commercial Bank of China, Shanghai Municipal Branch, No. 2 Business Dept., and Mizuho Bank (China), Ltd. are committed to cooperating in the field of funding. The banks will provide bank loans to Porsche Financial Leasing Ltd. to support the growth of Porsche's self-operated leasing business.

“Customers' expectations for automobiles are evolving as the market’s selection of new energy vehicles continues to expand. Our commitment is to provide a range of accessible and diversified purchasing solutions that will boost confidence and enthusiasm for consumers.” said Michael Kirsch, President and CEO of Porsche China. “Together with our partners, we want to make sports car dreams more accessible to Chinese consumers. The collaboration is expected to pave the way for enhancing the brand’s overall automotive financing ecosystem in China and once again underscores our long-term commitment to China.”

Working together in response to market demands for financing solutions

Porsche and Bank of China have established a long-term and stable partnership. Since 2017, Porsche and Bank of China Limited Shanghai Branch have been cooperating in the field of automotive financial services in China. The ceremony, witnessed by Mr. Volker Reichhardt, CEO of Porsche Financial Services Group, and Mr. Xinyuan Zhang, Vice President of Bank of China Limited Shanghai Branch, culminated with the signing of the agreement by Ms. Sheng Tantzscher, Vice President and Chief Financial Officer of Porsche China and CFO of Porsche Financial Leasing Ltd., Mr. Tao Wang, Managing Director of Porsche Financial Leasing Ltd., and Mr. Lianjun Liu, General Manager of the Strategic Corporate Banking Department of Bank of China Limited Shanghai Branch.

Furthermore, Porsche has also established collaborations with two more esteemed financial institutions: Industrial and Commercial Bank of China, Shanghai Municipal Branch, No. 2 Business Dept., and Mizuho Bank (China), Ltd. as well as signing a MOU in succession. Meanwhile, this is the first time Porsche Financial Leasing Ltd. and the Industrial and Commercial Bank of China cooperate globally. Porsche Financial Services and Mizuho Bank have cooperated in the Japanese, U.S. and German markets in areas of funding and asset securitization, etc.

The signing marks a premium endeavor for Porsche and the three institutions in China. The strategic collaboration, on the one hand, provides Porsche Financial Leasing Ltd. with a stable source of funding, enhancing its financial strengths and facilitating its business growth. On the other hand, it further empowers banks to innovate with financial models and services to meet the evolving market demands.

Another proactive deployment in electromobility

The steadfast support from the banks demonstrates a mutual commitment to empowering consumers with diverse financing solutions, while also reflecting a resounding acknowledgment of its immense potential for development in China. With this strategic cooperation, Porsche will further deploy into electromobility, bringing customers a better car purchasing experience while providing a powerful booster for industrial transformation through flexible automotive financing solutions.

As a wholly-owned subsidiary of Porsche Group, Porsche Financial Leasing Ltd. stands at the forefront of financial leasing and mobility innovation in the Chinese market. In 2024, Porsche Financial Leasing Ltd. launched diverse financial solutions for end-customers in China for the first time, including two self-operated leasing products “Standard Leasing” and “3-way Leasing”. Combining the brand advantages and product strength, the new offerings achieve improvements in product portfolio, interest rate policy, residual value setup, digital experience and service quality.

Bank of China (BOC) is the longest continually operating bank in China, with offices in 64 countries and regions in mainland China and abroad, and BOC Hong Kong and Macau branches acting as local note-issuing banks. It has a relatively complete global service network, and has formed a comprehensive financial service system mainly covering commercial banking businesses such as corporate finance, personal finance and financial markets, and covering a wide range of fields such as investment banking, securities, insurance, funds, and financial technology, etc. In 2011, BOC became the first global systemically important bank among emerging economies, and has now been listed for 13 consecutive years. Ranking among the world's largest banks in terms of international status, competitiveness and overall strength.

Industrial and Commercial Bank of China Limited (ICBC) is one of China's leading and internationally recognised modern financial enterprises, with a high-quality customer base, diversified business structure, strong innovation capability and market competitiveness. ICBC provides a wide range of financial products and quality financial services to more than 12.05 million public customers and 740 million individual customers worldwide, and has been ranked first in The Banker's Global Banking 1000 list as well as first among the world's commercial banks in the US Fortune 500 list for ten consecutive years.

Mizuho Bank (China), Ltd.is a wholly foreign-owned bank established in Shanghai, China with capital from Mizuho Bank Co., Ltd. and belongs toMizuho Financial Group, one of the global integrated financial groups representing Japan. It has a network of operations in major cities along China’s coast and inland and has been actively building partnerships with major Chinese corporations. From 2020-2023, it ranked first among foreign banks in the domestic syndication market in China for four consecutive years, contributing to the development of China's economy and the world economy.

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About Porsche China

Porsche was founded by Prof. Dr. Ferdinand Porsche in Stuttgart, Germany, in 1931 and was then transformed into a sports car manufacturer by Ferry Porsche in 1948. Porsche has been known as one of the most prestigious automobile brands in the world for decades. True to the core brand value of performance, Porsche leads the way in providing a new generation of sports cars that prove performance and efficiency can be perfectly combined.

Since entering the Chinese mainland in 2001, Porsche China has been dedicated to bringing the sporty genes and innovative spirit of the marque to Porsche enthusiasts in this dynamic market. In Porsche’s network in China, customers can experience the unlimited appeal of Porsche’s iconic sports cars: the legendary 911 series, the renowned 718 Boxster and Cayman mid-engine sports cars, the luxurious Cayenne premium SUV, the dynamic and pioneering Macan SUV, the luxurious four-door Panamera with pure sports genes and the all-electric Taycan with four-door sports saloon. Each demonstrates excellence in performance, exquisite design, and consistent commitment to perfect quality that Porsche embodies. Across Chinese mainland, Hong Kong and Macau, there are now 155 sales sites in operation, ensuring that Porsche customers across the country receive the hallmark personalised care that sets Porsche apart around the world.

A total of 79,283 Porsche cars were handed over to Chinese customers in 2023.

5/17/2024

Further information and pictures for journalists and media representatives can be found on the Porsche press database at http://presse.porsche.de/.