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Porsche boosted by ultra-rich demand for sports cars

The undated photo provided by Porsche on Nov. 28, 2018 shows the new Porsche 911 Carrera 4S. Porsche unveiled the eighth generation of his emblematic sports car in Los Angeles. (Porsche via AP) - Porsche AG
The undated photo provided by Porsche on Nov. 28, 2018 shows the new Porsche 911 Carrera 4S. Porsche unveiled the eighth generation of his emblematic sports car in Los Angeles. (Porsche via AP) - Porsche AG

Porsche posted record sales in its first year as a listed company as the ultra-rich splashed out on its sports cars despite higher price tags.

Only 3pc more cars rolled off the production line in 2022, but sales leapt 14pc to €37.6bn (£33.2bn) as buyers opted for higher-end models including its signature 911 car.

The company expects another leap in sales this year, to as much as €42bn, unless the global economy takes a nosedive.

Porsche capitalised on the trend for owning sports utility vehicles, with almost a third of its sales coming from the Cayenne, followed in popularity by the smaller Macan SUV. The two models accounted for over 180,000 of the company’s 310,000 sales.

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Sales of the company’s premium 911 sports car rose 5pc to 40,400 deliveries. A blip in the trend for growth was found in deliveries of the company’s all-electric sports car, the Taycan, where deliveries fell 16pc, hit by parts shortages.

This shortage has not affected the company’s plans for an electric Macan, development of which is on the “home straight” for launch next year, it said. Porsche plans for more than four in five cars sold by 2030 to be all-electric.

taycan_4s_porsche_experience_levi_finland_2019_porsche_ag_ - Porsche
taycan_4s_porsche_experience_levi_finland_2019_porsche_ag_ - Porsche

Last year, Volkswagen, which owns Porsche, sold a minority stake to investors, retaining control of the company, but releasing billions of euros to help fund its programme of electrifying its fleet.

The shares have climbed from €82.50 to €109 apiece since then, helping put the company’s value above that of its owner.

Porsche joins Aston Martin and Ferrari in expecting higher orders and stronger production figures as the supply problems which have plagued the industry begin to ease.

Higher-end car makers including Porsche have been less affected when it comes to profitability since they have been able to charge more for their vehicles, boosting profits. Porsche said profits rose to €6.8bn, a leap of 27pc.

Oliver Blume, chairman of the Executive Board said: “In difficult conditions, we achieved the strongest result in the history of Porsche, by some distance.”

“We were also able to offer our customers exciting new products yet again in 2022. This is the result of a great team performance.”