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Porsche won't sell either!

A few days ago, Porsche released the latest sales figures, showing that Porsche sold 242722 vehicles worldwide in the first three quarters of 2023, an increase of 10% over the same period last year. Among them, the total delivery volume in China was 60748, which is still Porsche's largest single market in the world, but it is the only market in the world that has declined, down 12% from the same period last year.

Data show that Porsche entered the Chinese market in 2001, and the Chinese market has become the largest single market in the world since 2015, refreshing its sales performance in the Chinese market for 20 consecutive years and reaching an all-time high in 2021. In 2022, Porsche sold 309884 vehicles worldwide, an increase of 2.6% over the same period last year, of which the total delivery volume in China was 93286, making it the only market in the world to decline, down 2.5% from the same period last year. This is also the first decline since Porsche entered the Chinese market.

It is understood that Porsche delivered 43832 vehicles in the Chinese market in the first half of this year, an increase of 8 per cent over the same period last year. In other words, Porsche sold only 16900 vehicles in China in the third quarter. If Porsche's sales in China do not rise sharply in the fourth quarter, Porsche's largest single market may change ownership, with sales in North America rising 14 per cent year-on-year to 64487 in the first three quarters. Porsche delivered 21400 vehicles in China in the first three quarters, 22500 vehicles and 16900 vehicles, respectively, up 21 per cent,-2 per cent and-40 per cent year-on-year, according to the data.

In other markets, the European market (excluding Germany) delivered 51742 new cars, an increase of 23 per cent from 42204 in 2022. Germany is Europe's largest market, delivering 24814 new cars in the first three quarters of 2023, up 19 per cent from a year earlier. In addition, Porsche delivered 40931 new cars in other markets.

In terms of specific models, the Macan is Porsche's most popular model, up 15 per cent to 68400 vehicles from a year earlier, while Cayenne has seen a rare decline, with cumulative sales of 64500 vehicles in the first three quarters, down 3 per cent from a year earlier. Porsche explained that the new Cayenne was launched in April, and new models were launched at different times in different regions, which temporarily led to a decline in the supply of products in the late market. Porsche's classic 911 delivered a total of 38800 new cars, an increase of 27% compared with the same period last year. Panamera delivered 26800 new cars, an increase of 5% year-on-year and 16500 deliveries, an increase of 18%. It is worth noting that Porsche Taycan sales increased significantly, up 11% year-on-year to 27900 vehicles.

As a positioning ultra-luxury brand, Porsche has to begin to examine its position in the Chinese market in the face of more and more new car-building forces, rapidly laying out the field of high-end electric vehicles and seizing the market share of traditional luxury brands. Next, the next trump card in luxury car competition will be new energy vehicles, especially those who attach importance to the electric car market will take the initiative.

Porsche mentioned that the goal is that by 2025, more than 50% of new cars delivered will be electric vehicles; by 2030, more than 80% of new cars delivered will be pure electric vehicles. It is understood that the 2023 Panamera may usher in a replacement, the Macan will usher in a pure electric version, and in 2024 718 will also be replaced, which is also a pure electric version.

In the tide of electrification and intelligent transformation, this reality and predicament has also caused the current situation that the transformation of traditional luxury car companies seems to be always slow. Although Porsche firmly pursued the electrification strategy, it also had to slow down because of financial and technical problems. Not long ago, the release of the new Porsche Pure Electric Macan was delayed until 2024 because of software development and other problems.

Porsche is like an elephant turning around in the electrified transformation, but this is not the development dilemma faced by global brands. The core competitiveness of traditional luxury brands such as BBA in the era of fuel vehicles is becoming more and more difficult to play a role in the era of electric vehicles, and even luxury brands are going further and further on the road of price reduction to promote sales in order to share a piece of the market with serious "entrainment".

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