Hyperdrive
Porsche Budgets $1.1 Billion on Digitization for Its Cars
- Young customers in China want latest gadgetry, CFO says
- Major VW profit contributor sees growing revenue from services
Porsche AG is increasing spending to bolster the digital products and services supplementing its luxury sports cars to lure more tech-savvy customers, particularly in China.
The German manufacturer now invests 900 million euros ($1.1 billion) a year on digitization compared with 800 million euros previously, Chief Financial Officer Lutz Meschke said in an emailed statement. The Stuttgart-based company also puts about 150 million euros annually into venture capital projects and startups.