Porsche sees a slight increase in global sales despite the big drop in the Taycan EV

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Porsche shares rose on their stock market debut Thursday, in one of Europe’s largest-ever public offerings.

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Porsche managed to increase its global deliveries by 2.6% last year, despite global supply chain issues crippling other automakers, as well as sales of its first all-electric car.

The German sports car maker said on Thursday it delivered 309,884 vehicles to customers last year, up from 301,915 vehicles in 2021.

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“The many challenges caused by the war in Ukraine, interrupted supply chains and the ongoing semiconductor crisis have shaped the past year and tested us,” said Detlev von Platen, Porsche’s head of sales and marketing, in a press release.

Sales of luxury vehicles outperformed regular models amid high interest rates and inflationary pressures. Ultra-luxury automakers Bentley and Rolls-Royce both reported record sales last year.

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Porsche sales in the US in 2022 outpaced the estimated 8% to 9% decline in total car sales.

Last year’s slight increase in Porsche sales was a 13% increase in overseas and emerging markets, followed by a 5.8% increase in Europe. Sales in North America were flat and shipments in China were down about 2%.

Porsche sales in the US were essentially flat for the year, increasing by just 40 units to 70,065 vehicles. The largest sales increase was a 22.5% increase in the Cayenne crossover. Most other models experienced notable declines, including a drop of about 23% in sales of Porsche’s all-electric Taycan to 7,271 units.

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The automaker said the drop in sales of the Taycan, including a 16% drop globally, was “due to supply chain bottlenecks and limited component availability”.