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Sales decline! Porsche Taycan is exposed to production cuts

2024-07-18 Update From: AutoBeta NAV: AutoBeta > News >


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Recently, some media reported that Porsche plans to reduce production of Taycan due to declining sales. Reported that Porsche is currently in negotiations with trade unions, plans to adjust the production of Taycan to a single-shift operation. At the same time, it was revealed that Porsche had not renewed hundreds of temporary contracts a few weeks ago.

The data show that the Porsche Taycan is the first pure electric model of Porsche, which went on sale in September 2019 with a price range of 88.8-1.798 million yuan. As soon as the new car came on the market, it was sought after by the market. According to relevant data, the global sales of Porsche Taycan from 2020 to 2023 are 20015, 41296, 34801 and 40629 respectively. However, Porsche's overall sales fell in the first quarter of this year, with figures showing that Porsche sold 77640 new cars in the first quarter, down 4 per cent from a year earlier. Among them, sales in China were 16340, down 24% from the same period last year.

In fact, Porsche's sales in China have declined in recent years. Figures show that Porsche sold 93286 vehicles in China in 2022, down 2.5 per cent from a year earlier. Porsche sold 79283 units in China in 2023, down 15% from the same period last year, making it the only declining market in the world. Terminal data show that only 4151 Taycan models were sold in China in 2023, and weak sales in China also dragged down Porsche's global sales.

Poor sales have also led to a sharp drop in Porsche's revenue. Porsche's total revenue in the first quarter was 9 billion euros, down 10.8 per cent from a year earlier, according to the latest official earnings figures. Of this total, vehicle sales fell 12.7 per cent from a year earlier to 8.1 billion euros; gross margins in the automotive business fell 30.3 per cent to 23.4 per cent; and sales margins also fell to 14.2 per cent, down 4 per cent from a year earlier.

At the same time, it also triggered a collective rebellion among Porsche dealers. In May, there was news in the market that due to the sharp drop in Porsche sales, pure streetcar Taycan could not be sold. In order to ease the financial pressure, many dealers were forced to sell at a loss, while Porsche officials chose to press the warehouse in order to complete the sales task in China, resulting in intensified conflicts with dealers. Porsche dealers were forced to stop getting into the car as a weapon, demanding subsidies from Porsche headquarters and replacing senior executives. At that time, Porsche China responded to the dealer protest: the auto industry is undergoing unprecedented changes, Porsche China and dealers are facing a number of complex problems, opportunities and challenges.

Of course, the auto industry is concerned that the decline in Porsche sales has something to do with slow electrification and fierce competition. At present, the tram models on sale by Porsche are Taycan and Macan EV. It is worth mentioning that the two models were launched five years apart, which is too slow for Porsche to seize the market share of electric cars. In addition, take the domestic market as an example, with the rapid development of new energy vehicles, new domestic car-building forces have also launched new models to seize the market share of traditional luxury brands. Porsche Taycan also has some difficulties in occupying more market share. After all, Porsche will face not only the competition from other models in China, but also the most direct impact of the price war.

However, Porsche CEO Oliver Blume is confident about Porsche's sluggish sales. It said the Porsche brand can reverse the decline and is currently in a "V-shaped" sales cycle. It points out that the Porsche brand will launch a number of models this year. In addition to the upgraded version of Taycan, new 911 and Panamera models will also be launched. At the same time, it was also revealed that as early as March this year, Macan EV received 10000 orders. Production of the Macan EV was launched in May this year, and the first batch of Macan EV is expected to be delivered to customers in the second half of the year. I believe that by adjusting the strategy and strengthening marketing, we can reverse the decline in Taycan sales.

With regard to Porsche's production reduction, some industry insiders have pointed out that there are many reasons, including the impact of changes in the global economic environment and the intensification of market competition, product strategy, market positioning and changes in consumer preferences. To maintain its luxury brand image, Porsche does not cut prices to boost sales, as Tesla and other automakers do. At present, for Porsche, it is the key point for Porsche to adjust its product strategy, market positioning and speed up the launch of electric models or reverse depressed sales.

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