Porsche Global Deliveries : 2025-26 (Q1-Q3)

Deliveries were down 15% in Q1 and down 16% by H1. That's been maintained in Q3. Porsche clarified why this is the case. "Key reasons include the end of production of the combustion-engined 718 model, the strong ramp‑up phase of the all‑electric Macan in the same period of the year before, and the discontinuation of tax incentives for electric and hybrid vehicles in the United States."

All these factors were foreseeable so in line with expectations. The China sales drop is accelerating and it seems to have been expected too. "The main reasons remain the challenging market environment and Porsche’s continued focus on value-oriented sales." I take the latter part to mean protecting margins by not eroding them to maintain volume.

The 911 is selling strongly, up 12%. The Cayenne is also holding up but as for the others, some serious reductions. The Macan is probably the most disappointing. Transitioning to electric has hurt as well as the reliability issues and repair costs of  ICE cars. 

 Data & photo source: Porsche. (911 & Macan).

Regions: All have suffered setbacks so it does seem to be a policy of winding back volumes. China is down to just 18% of total deliveries. Germany decreased the least with a 7% fall YTD. North America is the region has contracted the least, at -13%. Europe (excluding Germany) is down 11% and China is becoming somewhat irrelevant, now the smallest region apart from Germany. 

The car industry is a challenging place to be and many legacy marques are having to reposition themselves. Profit margins are being squeezed and the days of profligate spending are over.

Hyundai Wholesale Deliveries : 2024-26 (Q1-Q3)

Hyundai plant sales have been around just over a million units a quarter. The numbers were down 3% in 2024, down 1% in 2025 and so half way through 2026 down 7%. 

Those numbers are fairly even, but the trend is clear. The key point is why? I suspect that Hyundai wants to go more upmarket. Not hugely, but enough to improve margins and position it slightly above Kia.

The fact is that the next few years are going to be a challenge as Chinese brands up the ante. The 12% fall in Q3 2026 was the largest fall since Q4 2021, when the economy was still getting itself sorted after COVID.

Data source: Hyundai.
Above the Sonata and below the Tucson (with not very subtle stalker tendencies).

VW Group Vehicle Deliveries: 2025-26 (Q1-Q3)

The VW Group's Q1-Q3 is broken down into four parts. The first covers passenger car and light commercial deliveries by brand. 

Deliveries are down 9% YTD (H1 was -7%). Just over half (52%) are for VW PC, which is down 14%. Audi is down 11% and Porsche -16%. Škoda is up 6% and VW light commercial division +3%.

The truck division is known as Traton. Man is up 6% (H1 up 8%), Scania +1% (H1 +1%) but the International is up 3% after a slow start. That puts the division up 3% lower than 2025 (H1 -1%). When added to the above, it brings VW Group to 6,011,000 units. 

The regions involve adding the two above for a complete VW Group. Western Europe leads the way with 42% of the total and a 1% increase. China continues its trajectory down, now just under a quarter of the total and -30% (H1 -26%). Take China out of the equation and the result is quite good. 

Finally, we look at how electric vehicles are faring. Virtually all of them are sold in Europe (86%) and it was the only region that increased. Frankly, everywhere else is very poor. The USA and China experienced a collapse in volume but as the numbers involved aren't large, it mitigated the impact to just -5% collectively (H1 -6%).