The Volkswagen brand sold a total of 155,945 vehicles through June. However, sales growth in Europe was unable to offset declines in China and North America. Sales in China fell by a third.
Porsche’s worse results
Porsche’s results have deteriorated in recent months. In the first quarter of this year, the company recorded the weakest result since its stock market debut in September 2022. The maker of the iconic 911 says this will likely be the worst time of the year. Will it happen? Luxury car buyers have become more discerning about their spending, and demand in China is falling, which could affect sales in the future.
In April Porsche warned that the introduction of new models, including the electric Macan and a revamped 911 sports car, could have a negative impact on production and profits. The market confirmed those predictions. Sales of the Macan fell 18 percent, while deliveries of the Panamera SUV fell by a quarter. Sales of the electric Taycan fell the most, down 51 percent.
The most powerful Porsche product portfolio of all time
Porsche expects margins of between 15 percent and 17 percent this year.with group revenues of 42 billion euros. The manufacturer has assumed that it will improve profitability next year, based on an updated model range.
“In 2024, we will put the most powerful Porsche product portfolio of all time on the road,” Porsche sales chief Detlev von Platen said in a statement, adding that the manufacturer will continue to offer vehicles with a combustion engine alongside plug-in hybrids and fully electric cars.
