2021 served as Porsche Cars North America’s best sales year in history on record, and the company was optimistic that 2022 would continue that upward trend. With the news that the company only managed to deliver 13,042 new vehicles to customers in the first quarter of 2022, it doesn’t seem like breaking that record this year is possible. None of this 24.9 percent drop in sales year over year is due to a decline in demand. In fact, the opposite is likely true. The company simply has not been able to keep its supply chain intact across the first three months of the year. In addition to Porsche’s Ukrainian wire harness supplier currently lying within the boundaries of a war zone, which caused the temporary closure of all production lines, there is also the industry-wide semiconductor chip shortage going on, and the company also suffered a massive loss in the form of a sunken oceanliner full of product heading to customers in North America. It has not been a lucky quarter for Porsche, so to salvage even as many sales as it has feels like a victory.
“We are grateful for the unwavering enthusiasm of customers who are inspired by our brand, and we are working tirelessly with our colleagues at Porsche in Germany to overcome the supply challenges affecting the wider automotive industry,” said Kjell Gruner, President and CEO of PCNA. “This enthusiasm is also the result of the sustained focus by our 194 independently owned and operated dealers on making the customer experience the best it can be through the entire process of shopping, ordering, delivery and service.”
As you can see from the numbers, Taycan demand remained strong, nearly matching sales numbers from a year ago. Every other product line in Porsche’s dealerships saw massive declines of double digit percentages. Selling 38 percent fewer Cayennes and 26 percent fewer Macans in particular likely hurt the company’s sales forecasts more than anything else. Combined those two models account for well over half of Porsche’s global sales. 911 sales remained surprisingly above the all-electric Taycan sedan, though it seems like that sales mix is destined for a swap this year, if supply chains ever get back to normal.
Usually PCNA will give an indication of how well the business did selling certified pre-owned vehicles, but did not include a number in this quarter’s results. I would guess, given the current state of the car business, Porsche dealers are selling as many cars as they can get on the lot. It’s a good time to sell a car, after all.
