Porsche shares rose on its IPO on Thursday, in one in every of Europe’s biggest public offerings.
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Porsche managed to increase global deliveries by 2.6% last 12 months, despite global supply chain issues which have paralyzed other automakers, in addition to sales of its first all-electric automobile.
German manufacturer of sports cars he said on Thursday delivered 309,884 vehicles to customers last 12 months, up from 301,915 vehicles in 2021.
“Many challenges attributable to the war in Ukraine, interrupted supply chains and the ongoing semiconductor crisis shaped the past 12 months and put us to the test,” said Detlev von Platen, Head of Sales and Marketing at Porsche, in a statement.
Sales of luxury vehicles outperformed mainstream models in the face of high rates of interest and inflationary pressures. Ultra-luxury carmakers Bentley and Rolls-Royce reported record sales last 12 months.
Porsche sales in the U.S. outpaced an estimated 8-9% drop in overall automobile sales in 2022.
Porsche’s slight increase in sales last 12 months was a 13% increase in overseas and emerging markets, followed by a 5.8% increase in Europe. Its North American sales were flat, with shipments down around 2% in China.
Porsche US sales were broadly flat over the 12 months, increasing by just 40 units to 70,065 vehicles. The biggest increase in sales was recorded for the Cayenne crossover with 22.5%. Most other models saw significant declines, including an roughly 23% drop in sales of Porsche’s all-electric Taycan to 7,271 units.
The automaker said the decline in Taycan sales, including a 16% drop worldwide, was “on account of bottlenecks in the supply chain and limited component availability.”