Shanghai (ZXZC)- Lars Buchwald became the new Vice President Strategy & Business Development at Porsche (China) Motors Ltd. on Nov. 17, 2020, taking over the responsibilities from Carsten Hess, according to Porsche's announcement.

In the future, Lars Buchwald will be responsible for formulating business development strategy for the Chinese market, implementing innovative management model and mining the emerging business opportunities in smart mobility service and digital transition.

According to public records, Lars Buchwald holds a master degree in international business administration. After joining Porsche in 2007, he has been in various management functions of the company's businesses including purchase, sales, marketing, mobile connectivity and business development. Prior to his career at Porsche, he had serves as technology sales manager at Robert Bosch GmbH.Cayenne E-Hybrid; photo credit: Porsche China

All-new Taycan; photo credit: Porsche

China continues to be the largest single market for Porsche in terms of volume, accounting for 62,823 vehicles from January through September. As of today, there have been 130 sales outlets of Porsche's vehicles launched in China, 7 more than the cumulative number by the end of 2019.

The luxury carmaker is speeding up its deployment of new energy vehicles (NEVs). Oliver Blume, Chairman of the Executive Board at Porsche AG, said in September the coronavirus pandemic brings Porsche new opportunities and also drives the development of digitalization and electrified mobility. Around 50% of all Porsche vehicles could be sold with an electric or hybrid drive by 2025. Over the next five years, the company will plow €15 billion in the R&D of electric vehicles and digital transition.