Porsche Q1 Report 2023

The Porsche AG Group generated sales revenue of €10,097 million in the first three months of 2023. This is an increase of 25.5% on the prior-year quarter (prior year: €8,043 million) and is largely due to higher vehicle sales coupled with the continued improvement in unit price realization and positive mix effects.

In the first three months of 2023, the Porsche AG Group sold 84,737 vehicles. This corresponds to a 29.2% increase in unit sales compared to the prior-year period (prior year: 65,601 vehicles).

The Macan was the bestselling series with 24,387 vehicles sold and an increase of 37.2%, followed by the Cayenne with 23,707 vehicles. The increase in unit sales for the Panamera (up 2,703 vehicles, or 38.9%) as well as for the 911 (up 3,047 vehicles, or 31.1%) were the main factors contributing to the positive mix effects. With 8,595 vehicles, the Taycan recorded a slight increase in unit sales of 3.8% compared to the comparative period.

In regional terms, with a total of 22,520 vehicles sold, North America excl. Mexico is the largest market, with a very sharp 56.4% increase in unit sales. Furthermore, strong increases were recorded in the markets of China incl. Hong Kong (up 4,618 vehicles) and Europe without Germany (up 3,566 vehicles).

The cost of sales rose by €1,424 million to €7,280 million (prior year: €5,856 million), a decrease in proportion to sales revenue (72.1%, prior year: 72.8%). Despite price increases on the supplier side, a relative decrease in the cost of sales in proportion to sales revenue was achieved, which is primarily attributable to changes in the product and region mix.

Gross profit increased accordingly by 28.8% to €2,817 million (prior year: €2,187 million), therefore resulting in a gross margin of 27.9% (prior year: 27.2%).

Distribution expenses rose by €96 million to €521 million and, in proportion to sales revenue, remained on a par with the prior year at 5.2% (prior year: 5.3%). Administrative expenses increased from €384 million to €509 million. In proportion to sales revenue, these increased slightly to 5.0% (prior year: 4.8%).

Net other operating result decreased by €36 million to €53 million (prior year: €89 million). The decrease is mainly attributable to the development of currency hedges and derivatives outside of hedge accounting.

The operating profit of the Porsche AG Group increased by €373 million to €1,840 million in the first three months of
2023 (prior year: €1,467 million). The operating return on sales of the Porsche AG Group was at the prior-year level at 18.2% (prior year: 18.2%).