Porsche Global Deliveries : 2025 (Q1-Q3)

Volkswagen decided to sell Porsche shares to the public in 2022, Porsche reckoned its profit margins would be around 20%. Forecasts for 2025 were somewhat lower at between 5% and 7% but VW now expects its operating profit margin to fall to about 2% for 2025. This shows how quickly things can change. 

China was a profitable market for Porsche but recently it has become very competitive. Not only has volume slumped, so too profits as well. Add to that recent tariffs for cars going into the US. If that wasn't enough, electric cars are not selling as well as hoped and the new Macan is exclusively a BEV. A lot has changed since 2022. 

The chart immediately below shows regional deliveries. North America was up 5% and the Rest 3%, but Europe is down 8% and China -26%. The total is down 6%. In view of current market conditions, not a bad result. 

Models: The new EV Macan is helping things with Macan sales in total are up 18%. The older model petrol/diesel is still available and included in the data. How long it will be sold I'm unsure but a new PHEV model to replace it is expected in 2028. It will have a name change and be its own unique model.

The rest of the range is down in terms of volume. The Cayenne leads the way with a 22% drop and the 718 (Boxster/Cayman) range down 15%. Electrified vehicles constituted 35% of the total. 23% were BEVs and 12% PHEVs. 

It is hard to predict what the last three months will be like. Will North America slip back now that tariffs are in place? Are there more deliveries to lose in China, or will it stabilise? Managing a car company at this time is not easy. Decisions that allow for flexibility are essential. Who knows what's around the bend?