Porsche's Q3 & YTD 2024 Results: Cars Sold -11.5%

[SSO]

Just took a look at Porsche's Q3 and YTD results. Not a pretty picture. Sales down in the US and China. EVs really struggling.

https://ssoreport.com/porsche-q3-2024

How long do you think it will take to get it turned back around?

[Simon]

This isn't just a Porsche problem is it?

New cars are horrifically expensive, EVs depreciate horribly (my brother in law traded in an early Taycan Turbo S for a Cross Turismo and got bid in the balls for it).

Sales are down across all manufacturers really. It's just a case of who is falling the least.

[IanF]

Yeah, it appears they’ve been caught out by the lack of demand in EVs. Plus the security issue accelerating the withdrawal of the Cayman/Boxster, which probably made sense when the decision was made, but now looks like a risky move (although a two seat EV with Porsche branding should be something special hopefully).

Mercedes and Jaguar have both tried to move their brand up market, I don’t think it’s worked for Mercedes, and doubt it will for EV-only Jaguar, so the increase in price of Porsches at the same time as the loss of low interest rates probably isn’t helping.

[SSO]

Yeah, it appears they’ve been caught out by the lack of demand in EVs. Plus the security issue accelerating the withdrawal of the Cayman/Boxster, which probably made sense when the decision was made, but now looks like a risky move (although a two seat EV with Porsche branding should be something special hopefully).

Mercedes and Jaguar have both tried to move their brand up market, I don’t think it’s worked for Mercedes, and doubt it will for EV-only Jaguar, so the increase in price of Porsches at the same time as the loss of low interest rates probably isn’t helping.

I would not be at all surprised if the "All EV" move is the final nail in Jaguar's coffin.

[Rich B]

i’m not convinced that brand and heritage are that important for EVs, maybe even the opposite. Jaguar have no more experience in EV powertrains than Kia, and i expect most people think they all come from the same factory in China. So then it’s just down to making people pay more for actual design, features and materials - which Kia/etc have nailed now anyway.

Bye bye Jaguar.

[GG.]

Yes the decision by Jag to go all electric is hard to understand. In reality they'll be way behind others who had a march on them in this area and it ties in very little to their old school motto of grace pace and space.

I think they were probably over optimistic that the success of the ipace would translate across the brand as a whole. I agree that I think they'll now just disappear sadly.

If I were Porsche I'd start working on a smaller version of that hybridised flat 6 to go back in the Boxster/Cayman. That's what enthusiasts want and clearly chasing the volatile non-enthusiast Chinese market can lead to wild swings in profitability and ultimately drags the brand in a direction most of the rest of the world do not like.

[PaulJ]

Yeah, it appears they’ve been caught out by the lack of demand in EVs. Plus the security issue accelerating the withdrawal of the Cayman/Boxster, which probably made sense when the decision was made, but now looks like a risky move (although a two seat EV with Porsche branding should be something special hopefully).

Pardon my ignorance, but what's the Cayman/Boxster security issue?

[IanF]

Yeah, it appears they’ve been caught out by the lack of demand in EVs. Plus the security issue accelerating the withdrawal of the Cayman/Boxster, which probably made sense when the decision was made, but now looks like a risky move (although a two seat EV with Porsche branding should be something special hopefully).

Pardon my ignorance, but what's the Cayman/Boxster security issue?

New cybersecurity regulations across the EU and the Cayman/Boxster ecu is hackable.

https://www.autocar.co.uk/car-news/new- ... vulnerable

[PaulJ]

Thanks Ian. I'll give it a read.