Source AP ©

Porsche names new managing director for China unit

Helmut Broeker will replace Mark Bishop as the managing director of Porsche China, the company said Tuesday.

Broeker, 50, who is joining the company from BMW AG, has spent more than two decades in the automotive industry, working in Asia, Australia, the United States, Africa and the Caribbean.

The company said Bishop, 53, was leaving the company, having been in China since 2005 after transferring from Porsche Middle East.

In that time, the number of Porsche dealers in China has grown from five to 18, with three more planned.

While the sheer number of sales are not as high as in the United States or Europe, China is a key market for the company, given the rising wealth of its residents and demand for luxury sports car. In its last fiscal year, Porsche said it sold 3,105 cars in the country, nearly doubling the number sold a year earlier.

Shares of Porsche were up nearly 0.4 percent to EUR1,853.59 (US$2,667.50) in Frankfurt trading.