Porsche Achieves Record-Breaking 2024 Sales and Strengthens Future with Electrification and Heritage Models
Despite a challenging global landscape, Porsche AG ended the 2024 financial year with robust performance. The sports car manufacturer achieved record sales in four regions and maintained strong automotive net cash flow close to 2023’s record levels. Porsche renewed and successfully launched five of its six model lines—the Cayenne, Panamera, Taycan, 911, and the electric Macan—while resolutely adapting its product and corporate planning to the shifting market conditions.
Porsche continues to embrace a diverse range of drivetrains. Well into the 2030s, customers can still choose between combustion engines, plug-in hybrids, and all-electric powertrains in every vehicle segment. Porsche plans to expand its product portfolio by adding more models powered by combustion engines and plug-in hybrid systems in light of the extended global transition toward electric mobility.
“We have refreshed five out of six model lines and expanded our product range, laying the foundation for success in the coming years. Our clear objective is to captivate customers with our iconic sports cars,” says CEO Dr Oliver Blume. “Given the evolving circumstances, we have refined our product strategy across all segments. Over the past year, we further developed our proven and successful Porsche strategy to make the company even more flexible, robust, and high-performing.”
Porsche will introduce more highly emotive derivatives, particularly for the 911, including profitable, limited-edition models. Porsche Exclusive Manufaktur will revive the look of the 1970s through a heritage limited-edition 911—the third of four collector’s cars under the Heritage Design Strategy. In the medium term, the 911 family will also gain a new flagship model that aims to set an even higher benchmark in the sports car segment.
Early on, Porsche decided to fully electrify the Macan to make it better in every way, and remains committed to this course. The all-electric Macan sets new standards for performance, driving experience, and design, receiving a positive response from customers. Once the combustion-engined Macan is phased out, Porsche will sell the Macan nameplate exclusively as an all-electric model worldwide. At the same time, the company continues to monitor market developments and customer demand. If necessary, Porsche will adapt its product strategy accordingly. For instance, Porsche is evaluating an independent SUV model line with combustion and hybrid powertrains, featuring a new design that benefits from shared synergies. This new SUV model could launch by the end of the decade.
All three drive technologies at Porsche—combustion, hybrid, and electric—embody emotion, performance, and efficiency. The Cayenne perfectly illustrates this approach. In 2023, Porsche gave the current Cayenne generation (which includes combustion and plug-in hybrid variants) one of the most extensive product updates in the company’s history, and intends to continue its advanced development. The Cayenne reached an all-time sales high in 2024. Meanwhile, a wholly redesigned fourth-generation Cayenne will significantly support Porsche’s shift towards electric mobility. Both combustion and electric versions will remain in parallel until the 2030s. After the all-electric Cayenne, Porsche will introduce all-electric sports cars in the 718 segment.
Porsche is also expanding its customisation options. More than 1,000 Porsche Exclusive Manufaktur features are already available, while the Sonderwunsch programme caters to nearly any customer request—from unique details to fully customised one-offs. Over the last five years, average revenue per vehicle from Exclusive Manufaktur options has doubled. Porsche plans to considerably increase Exclusive Manufaktur’s capacity to fulfil even more individual customer wishes.
Porsche AG initiated a long-term transition in its Executive Board in late February. Dr Jochen Breckner (47) assumed responsibility for Finance and IT, while Matthias Becker (54) took over Sales and Marketing. They succeeded Lutz Meschke (58) and Detlev von Platen (61), who departed the company by mutual agreement. Additionally, Porsche launched a comprehensive plan to rescale its workforce. By 2029, the company aims to reduce approximately 1,900 positions. Porsche will rely on demographic changes, natural staff turnover, strict recruitment policies to achieve this, and socially responsible measures such as a partial retirement scheme and, in select cases, termination agreements with severance pay. The company will also cut 2,000 jobs by allowing fixed-term employment contracts to expire. In the second half of the year, management and the Works Council will negotiate a structural package designed to boost Porsche’s medium- and long-term efficiency.
Porsche is pressing ahead with its Road to 20 performance initiative. In 2024, this programme helped partially offset negative factors caused by the challenging global environment. Road to 20 will remain the company’s primary tool for achieving its fundamental objective of a Group operating return on sales surpassing 20 per cent. “In 2025, we will redouble our efforts with Road to 20, focusing on cost structures and further strengthening our earning power,” says Dr Breckner, Executive Board Member for Finance and IT.
The challenging economic context and a significant product portfolio renewal influenced the 2024 financial results. An uncertain market in China, delays in worldwide electrification, and disruptions in the supplier network affected profitability and return on sales. Porsche management implemented numerous countermeasures that helped lessen these impacts.
Group sales revenue reached 40.1 billion euros, just one per cent lower than last year’s 40.5 billion euros, reflecting Porsche’s success in offsetting lower sales volumes. This stability resulted from an increased share of vehicle customisations and enhanced pricing strategies for newly launched models. The group's operating profit declined to 5.6 billion euros (from 7.3 billion euros in the previous year), with the group's operating return on sales at 14.1 per cent (versus 18.0 per cent previously). “In 2024, Porsche demonstrated that we remain highly profitable and financially resilient, even in challenging times,” says Dr Breckner. Automotive net cash flow stood at 3.7 billion euros—nearly matching the record 4.0 billion euros set in 2023—and included a 250 million euro outflow for pension plans. The automotive net cash flow margin of 10.2 per cent (down from 10.6 per cent) surpassed forecasts.
Porsche delivered 310,718 vehicles to customers in the 2024 financial year. The company achieved sales records in Europe, Germany, North America, and Overseas and Emerging Markets in a demanding environment. However, total deliveries dipped slightly from the previous year’s 320,221 units, primarily due to ongoing market challenges in China. The Cayenne led sales with 102,889 deliveries, followed by the Macan (82,795) and the 911 (50,941). In 2024, 27 per cent of new cars delivered featured an electrified powertrain—fully electric or plug-in hybrid—and roughly half of these were purely electric (12.7 per cent). Porsche expects this percentage to increase significantly, forecasting 33 to 35 per cent electrified vehicles by 2025, including 20 to 22 per cent fully electric.
Motorsport brought exceptional success for Porsche in 2024, as the company clinched the FIA World Endurance Championship (WEC) drivers’ title and won every American IMSA racing series class. In Formula E, works driver Pascal Wehrlein earned the drivers’ world championship.
In the 2024 financial year, earnings per ordinary share totalled 3.94 euros, while earnings per preference share amounted to 3.95 euros. The Executive Board and Supervisory Board plan to recommend a dividend payment of 2.1 billion euros at Porsche AG’s Annual General Meeting—equivalent to 2.30 euros per ordinary share and 2.31 euros per preference share, mirroring the previous year’s distribution.
In 2025, Porsche intends to invest an additional 800 million euros in rescaling its operations, product range, software, and battery initiatives. These actions aim to boost profitability and resilience in the short and medium term. “Rescaling and further investment will negatively affect our 2025 financial-year results,” says Dr Breckner. “However, we are deliberately embarking on a full recalibration and reinforcing Porsche’s long-term strength.” Porsche forecasts that market conditions will remain challenging in 2025, especially with intensifying competition in China, and expects ongoing geopolitical uncertainties with the new US administration. The 2025 outlook reflects existing market conditions and excludes additional trade barriers or tariffs.
For the 2025 financial year, Porsche AG anticipates a Group operating return on sales between 10 and 12 per cent, below the 2024 figure. Reduced vehicle sales, a continued high cost base, and sustained high depreciation—due to extensive recent investments—largely explain this projection. Porsche expects Group sales revenue to be around 39 to 40 billion euros. Dr Breckner emphasises: “We remain committed to our long-term goal of exceeding a 20 per cent Group operating return on sales. Given the persistently challenging environment, we aim for 15 to 17 per cent in the medium term.”
