Porsche says the Taycan EV remains a “success story,” but ICE sales still carry the weight

After deliveries reached 27,885 through the first nine months of 2023, Porsche says the Taycan EV “is and will remain a success story.” Meanwhile, with nearly 243,000 total vehicles delivered, Porsche’s ICE vehicles continue carrying the bulk of sales.

Porsche delivered 242,722 vehicles in the first nine months of the year, up 10% compared to 2022.

The luxury sports brand achieved growth in every region except its most important – China. From January to September, Porsche’s overall deliveries rose by 23% in Europe (excluding Germany), 23% in overseas and emerging markets, 19% in Germany, and 14% in North America.

In China, sales fell by 12%. Porsche attributes the decline to a continued “challenging economic situation” in the country.

Excluding China, Porsche’s deliveries were up 19% globally compared to last year. Meanwhile, deliveries of its sole EV, the Porsche Taycan, increased by 11%.

With deliveries reaching 27,885 through September, Lutz Meschke, Deputy Chairman of the Executive Board at Porsche, said, “The Taycan is and will remain a success story.”

However, the Taycan’s growth has been fading for nearly two years now. Sales of Porsche’s sole EV fell 16% last year and were down another 4.7% through the first half of 2023, and they are still down from 2021.

Taycan sales did pick up slightly over the past few months, with 9,894 units sold in the third quarter. But does that make the Porsche Taycan a success story?

Porsche says Taycan is a success yet ICE sales dominate

Through the first nine months of the year, the Taycan accounted for 11.5% of overall Porsche sales. That number is up from 10.8% through the first half of 2023 but still down from 13% last year.

Recent reports claim Porsche will rely on its ICE vehicles to continue carrying the weight for some time. An Automotive News report from June suggested Porsche will keep the gas-powered Macan around despite plans to launch an electric version next year.

The automaker also plans to keep the 911, its best-selling vehicle, in its lineup through the EV transition.

Porsche is sticking by its goal of reaching 12% to 14% EV share this year. Before launching the Taycan in 2019, Porsche said it expected sales of around 20,000 cars annually. “We have always clearly exceeded this goal – despite difficult circumstances in the supply chain and sales regions, where development in terms of e-mobility can vary significantly,” Meschke explained.

However, 2019 was four years ago, and the auto industry has shifted significantly. The share of electric cars has more than tripled over the last three years, from roughly 4% in 2020 to 14% in 2022.

Porsche’s sales rose by 12.6% to 30.12 billion euros ($31.9 billion) through September. Meanwhile, operating profit was up 9%, while Porsche’s operating margin was 18.3%.

The luxury sports automaker confirmed its forecast for the year. Porsche expects an operating margin between 17%-19% on revenue of 40-42 billion euros ($42-$44.5 billion).

Electrek’s Take

It’s hard to call the Porsche Taycan a success story with deliveries still down compared to two years ago.

In 2021, Porsche delivered 28,640 Taycan models through the first nine months of the year. Two years later, Porsche has delivered 27,885 Taycan EVs through September.

Porsche’s growth is coming almost solely from ICE vehicles right now. The automaker continues to say it expects “significant” increases in Taycan sales, but the numbers have yet to show it.