Overview of Porsche's 2024 Sales Results

Porsche announced its global sales results for 2024.Total sales volume was 310,718 units, down 31 TP3T from the previous yearYes.

Of note is the sales performance of the Macan EV, which debuted in January 2024. The company reported a strong start to the year, selling 18,278 units in the fourth quarter, almost twice as many as the internal combustion engine model.
On the other hand, sales of the fully electric vehicle model Taikan fell significantly, down 49% from the previous year, according to the company.

The Macan EV's breakthrough and its background

The Macan EV sold 18,278 units in Q4 2024, well ahead of the 9,517 units sold by the internal combustion engine model.

However, this number should be taken with caution.
From spring 2024,Tighter cybersecurity regulations end sales of internal combustion engine models in Europe, Porsche's key market.The result was that the Macan was the only choice for European customers. In other words, European customers had only one choice when choosing the Macan: an electric vehicle model.
On the other hand, in other regions, such as the United States, both models are being sold together. Considering this background, we need to be cautious in interpreting the sales volume of the Macan EV.

Sales Trend of Porsche Models

Porsche's 2024 sales results show a clear divide between models.

Cayenne:As Porsche's best-selling model, 102,889 units were sold. This is a strong 181 TP3T increase over the previous year.

911:With 50,941 units sold, it is the third best-selling car behind the Cayenne and Macan. It maintains its position as Porsche's flagship sports car.

718 (Boxster/Cayman):A total of 23,670 units were sold, showing growth of 151 TP3T over the previous year. However, there are reports that plans to electrify the successor model have been postponed.

Panamera:Despite the introduction of the new model, sales were down 13% YoY at 29,587 units. The decline in demand in the Chinese market is having an impact.

Taikan:20,836 vehicles were sold, a significant drop of 491 TP3T from the previous year. The transition period to the facelift model has had an impact, but Porsche itself admits that the transition to electric vehicles has been slower than expected in general.

Sales Trends by Region and Future Outlook

Looking at sales performance by region, growth was seen in Europe (+91 TP3T) and North America (+11 TP3T), while China, which had been the largest single market in recent years, recorded a significant drop, down 281 TP3T. Porsche cites "ongoing difficult economic conditions" as the reason, but the significant sales decline in key markets is likely to be a challenge going forward.

In addition, there was no clear mention of the Japanese market, so it is difficult to be precise, but by aggregating information from the Internet, the following can be said.

• In 2023, Porsche will sell 8,002 vehicles in the Japanese market, the highest number in the past five years.
• Porsche registrations in the first quarter of 2024 were 2,530 units, a strong 22.511 TP3T increase over the same period last year.
• Sales of imported foreign brand vehicles in Japan in 2024 totaled 227,202 units, down 8.51 TP3T from the previous year, but up 5.81 TP3T in the luxury segment above 10 million yen

Based on this information, it is safe to assume that demand for luxury cars, including Porsche, remained strong in the Japanese market in 2024.

Detlef von Platen, executive director of Porsche sales and marketing, said the following about the outlook for 2025.
We have the youngest product lineup in our company's history, which makes us very attractive to our customers." At the same time, we expect the economic and geopolitical situation to be more challenging than ever in 2025. Nevertheless, it is our goal to further strengthen our brands globally and to unlock their market potential. We will develop in each region according to demand and will continue to adhere to our principle of value-based selling."

Porsche isWhile transitioning to electric vehicles, it will be necessary to develop a strategy tailored to the needs of each region while maintaining a balance with the conventional internal combustion engine model.While the strong start of the Macan EV has raised expectations for electrification, there are still many issues to be addressed, including sluggish sales of the Taikan and struggles in the Chinese market.

How Porsche will respond to these challenges after 2025 and maintain its position as a sports car brand in the electric vehicle era will be closely watched.