
Deliveries were down 15% in Q1 and down 16% by H1. 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 19%. 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 12% of total deliveries. Germany decreased the least with a 6% fall YTD. North America is the region outside the homeland that has contracted the least, at -13%. Europe (excluding Germany) is down 14% and China is becoming somewhat irrelevant, now the smallest region.
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.