The German premium sports-car manufacturer has opened a new franchise in Kenya as it aims to benefit from the region’s expanding economy.
The luxury auto brand is returning to the market after seven years of absence, according to Steffen Fleck, network development director for Porsche Middle East and Africa.
Fleck said the carmaker did an “analysis and, based on Kenya’s strong micro-finance indices, which indicate the economy will register a 5 percent annual growth this year, we decided to set up a base here.”
The African Development Bank predicts an economic growth of 6% in Kenya this year, adding to the expansion that has been rolling for the past two decades, which has helped increase wealth in East Africa’s largest economy. Porsche will sell its vehicles in the region with a local partner called Multiple Group, a Kenyan transport company. The German carmaker already has offices in Egypt, Morocco, Tunisia, Algeria, Mauritius, Reunion, Nigeria, Ghana, Angola and South Africa, now finally adding Kenya again on its list.
Porsche has plans to surpass its annual global sales of 200,000 cars and SUVs by 2018, a goal which analysts predict may actually be fulfilled as early as this year. Last year, Porsche registered sales of 162,145 units around the world.
By Gabriela Florea