Porsche reports a surge in global sales despite a sharp drop in the Taycan EV

Porsche shares rose on Thursday’s stock market debut in one of the biggest IPOs in Europe ever.

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Porsche managed to grow its global deliveries by 2.6% last year, despite global supply chain issues that paralyzed other automakers as well as sales of its first all-electric car.

The German sports car manufacturer said Thursday Last year, 309,884 vehicles were delivered to customers, compared to 301,915 vehicles in 2021.

“The many challenges caused by the war in Ukraine, disrupted supply chains and the ongoing semiconductor crisis have shaped the past year and put us to the test,” said Detlev von Platen, Head of Sales and Marketing at Porsche, in a press release.

Luxury vehicle sales have outperformed mainstream models amid high interest rates and inflationary pressures. Ultra-luxury automakers Bentley and Rolls-Royce reported record sales last year.

Porsche’s U.S. sales beat an estimated 8% to 9% decline in overall auto sales in 2022.

The modest increase in Porsche’s sales last year was led by a 13% increase in overseas and emerging markets, followed by a 5.8% increase in Europe. Sales in North America were flat and shipments in China were down about 2%.

Read more about electric vehicles from CNBC Pro

Porsche US sales were essentially flat for the year, increasing just 40 units to 70,065 vehicles. The largest increase in sales was a 22.5% increase for the Cayenne Crossover. Most other models saw notable declines, including a roughly 23% drop in sales of Porsche’s all-electric Taycan to 7,271 units.

The automaker said the decline in Taycan sales, including a 16% drop globally, was “due to supply chain bottlenecks and limited component availability.”

https://www.cnbc.com/2023/01/12/porsche-reports-uptick-in-global-sales-despite-big-drop-in-taycan-ev.html Porsche reports a surge in global sales despite a sharp drop in the Taycan EV

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