German performance brand Porsche saw a year-on-year declines in sales of its two primary EV offerings in Q1. And it blamed the performance on customers withholding orders in anticipation of updated model launches.
Porsche delivered 20,576 units of its all-electric Macan SUV in the first three months of 2024, a 14pc drop compared to the same period last year. The company gave two reasons for the dip, though, with the first being "a disproportionately strong period in the previous year".
But the company also believes that customers are biding their time and waiting for upcoming model upgrades before pulling the trigger.
"Many orders have already been received for the new all-electric generation of the SUV," Porsche says.
The new Macan uses the Premium Platform Electric (PPE) drivetrain developed by VW Group brands Audi And Porsche, and is set for first deliveries in the second half of 2024. Porsche plans to launch its all-electric 718 in the middle of the decade, followed by an all-electric Cayenne, and a further all-electric SUV positioned above the Cayenne.
The company says it has a goal of delivering more than 80pc of its new vehicles as all-electric models in 2030.
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The company saw a sharper decline in deliveries of its electric Taycan sports car, although Porsche says that this is another case of customers awaiting a model update and "is related to the current model change".
"Shortly before the end of the product cycle, 4,236 customers took delivery of the all-electric sports car in the first quarter (-54pc). The recently presented new versions of the model have been extensively updated and have more performance and range, faster acceleration and shorter charging times. The first deliveries to customers will start in April," Porsche says.
Porsche's position as a premium manufacturer with a higher price point may to some extent make it immune to the ongoing price war in the wider electric market. OEMs including American giants Ford and Tesla continue to cut prices to stimulate appeal in the mid-range of the market as demand growth slows.
Potential Porsche buyers, however, do not face a gulf in price between the brand's ICE and electric models, with both the ICE and EV Macan starting around $70,000. This likely means that any demand issues faced by the company's EVs cannot be so easily attributed to the macro conditions that many OEM competitors are blaming for constraining their EV growth.
Ciaran has written about finance, politics and culture. He is passionate about e-mobility and what it means for our way of life.
Ciaran has a Masters in Ancient Philosophy from Oxford University.
