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Porsche Defies Industry Gloom with 10 Percent Rise in 2019 Global Sales

Date: January 14, 2020
Source: Bloomberg

FRANKFURT -- Porsche shrugged off a widespread industry slowdown, reporting record deliveries for last year and predicting that its first all-electric model, the Taycan, will foster further growth in 2020.

Global deliveries rose 10 percent to 280,800 cars in 2019, driven mainly by strong consumer appetite for the Macan and Cayenne crossovers, Porsche said Monday in a statement.

"We're optimistic that we can sustain the high demand in 2020," sales chief Detlev von Platen said in the statement.

Sales momentum should benefit from "the introduction of some new models and full order books for the Taycan," he said.

The most profitable division of Volkswagen Group is entering a new era with this year's rollout of the Taycan four-door sedan, which challenges Tesla's Model S.

Porsche's cachet has been shaped for decades by fast sports cars with roaring combustion engines, and success of the costly expansion into electric cars is mission-critical for the automaker amid stricter emission regulations in key markets.

Sales rose eight percent last year in both China and the U.S., Porsche's two largest markets.

Porsche sold 86,752 cars in China, where luxury cars have been less affected by the waning demand hurting the overall market, and 61,568 cars in the U.S.

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