Behind Porsche's double increase in profits in the third quarter: The Chinese market is no longer the largest single market due to a downturn against the trend
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21st Century Economic Report Reporter Zheng Zhiwen Intern Xiao Yuxuan reports from ShanghaiOn October 25th, just one year after its IPO, Porsche announced its performance for the first three quarters of this year.Official financial data shows that Porsche's sales revenue in the first three quarters reached 30
21st Century Economic Report Reporter Zheng Zhiwen Intern Xiao Yuxuan reports from Shanghai
On October 25th, just one year after its IPO, Porsche announced its performance for the first three quarters of this year.

Official financial data shows that Porsche's sales revenue in the first three quarters reached 30.132 billion euros, a year-on-year increase of 12.6%; The operating profit reached 5.5 billion euros, a year-on-year increase of 9.0%. As of the end of the third quarter of 2023, the return on sales of Porsche AG Group was 18.3%, compared to 18.9% in the same period last year; The net cash flow of the automotive sector was 3.39 billion euros, compared to 3.27 billion euros in the same period last year; The net cash flow profit margin of the automotive business was 12.2%, compared to 13.4% in the same period last year.
In addition, Porsche delivered 242700 vehicles globally in the first three quarters of this year, a year-on-year increase of 9.6%. Our strategic focus is to provide customers with unique and highly personalized products. In a period of global economic uncertainty, Porsche's highly balanced global sales structure is one of our current strengths, "said Detlev von Platen, a member of Porsche's global executive board and responsible for sales and marketing.
Among them, the new car sales of the Porsche benchmark model 911 reached 38800 units, a year-on-year increase of 27%; Macan's new car delivery volume reached 68400 units, a year-on-year increase of 15%; The new car delivery volume of the luxury sedan Panamera was 26800 units, a year-on-year increase of 5%; The delivery volume of new cars for the 718 Boxster and 718 Cayman reached 16458 units, an increase of 18% year-on-year.
The delivery volume of the new Cayenne, which was launched globally in April this year, showed a rare decline in the first nine months, with 64500 units delivered, a year-on-year decrease of 3%. Porsche stated that this was mainly due to the staggered launch times of the new Cayenne in different markets and regions. From a global perspective, this has temporarily led to a corresponding decrease in the supply of products in the market where new cars were launched later.
In addition, the delivery volume of new cars for the Porsche pure electric sports car Taycan in the first three quarters was 27900 units, with a year-on-year increase of 11% in sales. This year, despite numerous global supply chain challenges and varying developments in pure electric vehicle markets across regions, we expect Taycan's sales to continue to achieve significant year-on-year growth. "Feng Peide is confident in this.
In terms of segmented markets, Porsche delivered a total of 24800 vehicles in the German domestic market in the first three quarters, a year-on-year increase of 19%; A total of 51700 vehicles were delivered in the European market (excluding Germany), a year-on-year increase of 23%; The delivery volume in the North American market reached 64500 vehicles, a year-on-year increase of 14%; Porsche has delivered a total of 40900 vehicles in overseas and other emerging markets.
It is worth noting that in the context of double-digit growth in other markets, the Chinese market has become the only market to counter the trend of decline. During the same period, the delivery volume was 60700 vehicles, a year-on-year decrease of 12%, losing to the North American market and taking the title of Porsche as the largest single market. As electrification and intelligence gradually enter the internal competition stage in the Chinese market, Porsche still faces challenges. An industry analyst stated in an interview with 21st Century Business Herald that Porsche has a relatively stable position as an ultra luxury brand, but there is a lack of competitiveness in electric vehicles.
Due to the challenging macroeconomic situation and the impact of rising costs and declining consumer confidence, Porsche's Chief Financial Officer, Lutz Meschke, stated that as inventory decreases, the company's supply chain is improving. However, high inflation and the upcoming investment peak of a series of new products in 2024 mean that the company's costs remain high. Governments around the world have significantly raised interest rates, which has led to a situation where customers are less willing to invest in new products, "he explained.
However, Porsche stated that if the global economic and supply situation does not significantly deteriorate, it is expected that the group's annual return on sales will be between 17% and 19%; The sales revenue ranges from 40 to 42 billion euros. In the long run, Porsche's goal is to achieve a group sales return of over 20%.
In fact, in addition to the performance outlook attributed to "economic and political uncertainty", the deceleration of electrification transformation, slow progress in vehicle software development, the dual role of Porsche CEO Obermo himself, and Porsche's attitude towards the EU's 2035 fuel ban are all factors that cannot be ignored in the medium to long term.
It is reported that Porsche has invested 2 billion euros in research and development this year, and will launch new Panamera, Taycon, e-Macan, and a new generation sports car next year. Porsche's ambition is to deliver over 80% of all new cars by 2030 as fully electric vehicles. However, the "continuous decline" in the once largest single market Chinese market is also sufficient to demonstrate Porsche's weakness in electrification transformation. Can Porsche launch attractive new products as scheduled and catch up with China's new energy vehicle industry? It's still a question mark. Retrieving lost territory poses numerous challenges for Porsche.
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