Porsche shares rose in their stock market debut Thursday, in one of the biggest public offerings in Europe ever. Porsche managed to increase its global deliveries last year by 2.6% despite worldwide supply chain issues that crippled other carmakers as well as sales of its first all-electric car.
The German sports car manufacturer said Thursday it delivered 309,884 vehicles to customers last year, up from 301,915 vehicles in 2021. “The many challenges caused by the war in Ukraine, interrupted supply chains and the ongoing semiconductor crisis have shaped the past year and put us to the test,” Detlev von Platen, Porsche’s head of sales and marketing, said in a release.
Leading Porsche’s slight rise in sales last year was a 13% increase in overseas and emerging markets, followed by an uptick of 5.8% in Europe. Its sales in North America were flat, and deliveries declined about 2% in China. The carmaker said the decline in Taycan sales, including a 16% drop globally, was “due to supply chain bottlenecks and limited component availability.”
Luxury vehicle sales have fared better than mainstream models amid high interest rates and inflationary pressures. Ultra-luxury automakers Bentley and Rolls-Royce both reported record sales last year. Porsche’s U.S. sales outpaced an estimated 8% to 9% decline in overall auto sales in 2022.
Porsche’s U.S. sales were essentially level for the year, increasing by just 40 units to 70,065 vehicles. The largest rise in sales was a 22.5% increase in the Cayenne crossover. Most other models experienced notable declines, including a roughly 23% drop in sales of Porsche’s all-electric Taycan to 7,271 units.