Porsche Reports Sales Performance in First Quarter: Steady Deliveries and Growth in Select Markets

Porsche AG announced its vehicle delivery figures for the first quarter of 2024, displaying a stable level of performance amidst a series of product launches. The global sports car manufacturer successfully delivered 77,640 vehicles worldwide, marking a slight 4% decline compared to the same quarter in the previous year. The moderate decrease is observed in the context of new product rollouts and regulatory delivery delays particularly affecting North America, alongside a persistently challenging market scenario in China.

Despite these obstacles, Porsche witnessed growth in various regions. Notably, Europe (excluding Germany) experienced a 9% increase in deliveries, amounting to 20,044 cars, while German sales surged by 37%, totaling 11,274 units. However, in China, Porsche faced a 24% reduction in deliveries, attributed to a value-oriented sales approach and challenging economic conditions, paired with a demanding comparison to the post-COVID catch-up effects seen in the prior year. North American deliveries also declined by 23% due to customs-related shipping delays, while overseas and emerging markets enjoyed a 14% increase.

The announcement also highlighted significant demand for Porsche’s newest models, especially the all-electric version of the Macan SUV. The first quarter saw the Cayenne leading in deliveries, with a 20% increase to 28,025 units. Although the Macan experienced a 14% dip, anticipation for its electric iteration is high. Notably, the iconic 911 model saw a 17% rise in sales. The quarter also revealed mixed fortunes for other models, with the Panamera and Taycan seeing decreases in deliveries, attributed to model changes and the approaching end of their product cycles, respectively.

Porsche remains optimistic about its future prospects, attributing its confident stance to the imminent introductions of newly updated models across its product lines. Despite the complexity of rolling out multiple new launches within a short timeframe, Porsche is focused on maintaining value-oriented sales throughout 2024.