Porsche released its 2009 Cayenne Turbo S in the Chinese market on September 21. This all-new premium Cayenne model is priced at 2.35 million yuan ($345,000) and customers can place orders now for the car with a deposit of 200,000 yuan, the Beijing News reported today.

Jebsen & Co. (China) Motors Ltd., a seven-year-old official Porsche importer for the Chinese market, was recently renamed Porsche (China) Motors Ltd., a subsidiary of German carmaker Porsche, said xinhuanet.com today. This landmark transition of its role is expected to boost Porsche sales in China, the world's second largest auto market.

Porsche AG's net profit for fiscal 2007 more than tripled with help from a revaluation of its 22 percent stake in Volkswagen AG and strong results from its core business.

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.

Porsche AG said Monday it had moved to increase its stake in Volkswagen to nearly 31 percent in a move aimed at shielding Europe's biggest automaker from hostile takeovers.