Porsche Q3 Report 2023
The Porsche AG Group generated sales revenue of €30,132 million in the first nine months of 2023. This is an increase of 12.6% on the prior-year period (prior year: €26,750 million) and is largely due to higher vehicle sales coupled with positive product mix and price effects. Currency development had the opposite effect on sales revenue.
In the first nine months of 2023, the Porsche AG Group sold 250,192 vehicles. This corresponds to a 13.4% increase in unit sales compared to the prior-year period (prior year: 220,586 vehicles).
The Cayenne is the bestselling series with 69,461 vehicles and an increase of 3.7%, followed by the Macan with
67,353 vehicles sold. The largest relative growth was recorded for the Taycan (up 7,459 vehicles; up 34.3%) and the 911 (up 9,228 vehicles; up 30.2%).
In regional terms, with a total of 68,420 vehicles sold, North America excl. Mexico is the largest market, with a strong 20.5% increase. This was counterbalanced by the region China incl. Hong Kong with a decrease of 14.8% to 60,089 vehicles, which was attributable to the challenging economic situation in this region. The Porsche AG Group recorded further growth in the regions Europe without Germany (up 14,025 vehicles), rest of the world (up 11,176 vehicles) and Germany (up 3,230 vehicles).
The cost of sales rose by €2,384 million to €21,543 million (prior year: €19,159 million) and was therefore on a par with the prior year in proportion to sales revenue (71.5%; prior year: 71.6%).
Gross profit increased accordingly by 13.1% to €8,589 million (prior year: €7,591 million), therefore resulting in a gross margin of 28.5% (prior year: 28.4%).
Distribution expenses increased by €507 million to
€2,010 million. In proportion to sales revenue, these increased to 6.7% (prior year: 5.6%). Increased marketing activities, the digitalization strategy and a stronger involvement in motor sports were among the reasons for the increase. Administrative expenses increased from €1,178 million to €1,379 million. In proportion to sales revenue, they stood at 4.6% (prior year: 4.4%).
Net other operating result increased by €161 million to €301 million (prior year: €140 million).
Accordingly, the operating profit of the Porsche AG Group increased by €452 million to €5,501 million in the first nine months of 2023 (prior year: €5,049 million). The operating return on sales of the Porsche AG Group thus stood at 18.3% (prior year: 18.9%).
