保时捷：汽车制造商还是对冲基金？

Porsche, the most profitable carmaker in the world, earned six times more in 2008 from managing financial derivatives than from selling cars. This case discusses Porsche’s car business as well as its financial management business. Since the mid-1990s, Porsche has achieved steady growth in the luxury sports car market and has also expanded successfully into the markets of SUVs and low-end luxury cars. Porsche has used currency derivatives to manage its large exposure to currency risks and has made considerable profits from currency derivatives. Since 2005, Porsche has been aggressively purchasing the stock of Volkswagen. In 2008, Porsche realized a windfall from its management of Volkswagen stock. This case features a debate about Porsche’s business model in association with its governance structure. The case can be used in courses focused on international finance and risk management.