Porsche is gearing up for its most extensive vehicle launch ever, with plans to introduce four new models this year, including the highly anticipated all-electric Macan EV, which has already garnered strong pre-order numbers.
“After a successful 2023, our strong results are due to the high demand for our attractive products and strict cost discipline,” stated Porsche CFO Lutz Meschke following the company’s 2023 earnings announcement.
Porsche reported a revenue of $44.2 billion (40.5 billion euros) in 2023, marking a 7.7% year-over-year increase. Despite facing rising inflation and significant investments, the company maintained an operating return on sales of 18%. The growth was supported by a 3.3% increase in deliveries, with 320,221 vehicles handed over in 2023.
Building on this success, Porsche aims to introduce “no fewer than four new or considerably revised” vehicles this year. The first of these will be the new Panamera, which is expected to transition to an all-electric model. Following this, the updated all-electric Taycan is set to go on sale this spring.
Porsche recently unveiled the refreshed 2025 Taycan, boasting improved range, faster charging, and enhanced performance. The company also introduced its “most powerful series production Porsche of all time,” the Taycan Turbo GT, with up to 1,092 hp capable of accelerating from 0 to 60 mph in just 2.1 seconds.
In the second half of 2024, Porsche will begin deliveries of the new Macan EV, the first-ever all-electric Macan, which will be produced alongside its internal combustion engine counterpart in Leipzig.
CEO Oliver Blume expressed satisfaction with the pre-orders for the Macan EV, stating, “We already have 10,000 orders, and these customers haven’t even been able to drive the car yet.”
Additionally, an upgraded 911, including a high-performance hybrid drive version, is expected to be released early this summer.
Porsche remains committed to its electric vehicle (EV) sales target, aiming for 80% of deliveries to be all-electric by 2030. The company plans to continue expanding its EV lineup, including an electric 718 in the mid-2020s and a long-awaited electric Cayenne thereafter.
Moreover, Porsche is expanding its portfolio with a new all-electric luxury SUV positioned above the Cayenne. This luxury EV, based on the SSP platform, will offer a “sportily positioned” SUV interpretation, according to Blume.
Despite the ambitious launch plans, Porsche anticipates lower profits in 2024 due to the introduction of several new models. The company aims for an operating return on sales between 15% and 17%, with revenue expected to slightly increase to around 40 to 42 billion euros ($43.7K to $45.8K).
Meschke confirmed that Porsche is maintaining its mid-term return target of 17% to 19% and aims for over 20% in the long term.
