Demand from ultra-wealthy fuels record sales at Porsche

PORSCHE posted record sales in its first year as a listed company as the ultrarich splashed out on its sports cars despite higher price tags.

Only 3pc more cars rolled off the production line last year, but sales leapt 14pc to €37.6bn (£33.2bn) as buyers opted for higher-end models including its signature 911 car.

The company expects another leap in sales this year, to as much as €42bn, unless the global economy nosedives.

Porsche capitalised on the trend for owning sports utility vehicles, with almost a third of its sales coming from the Cayenne, followed in popularity by the smaller Macan SUV. The two models accounted for more than 180,000 of the company’s 310,000 sales.

Sales of the marque’s premium 911 sports car rose 5pc to 40,400 deliveries. A blip in the trend for growth was found in deliveries of the company’s all-electric sports car, the Taycan, where deliveries fell 16pc, hit by parts shortages.

This blow has not affected plans for the development of an electric Macan, which is on the “home straight” for launch next year, the company said. Porsche plans for more than four in five cars sold by 2030 to be all-electric.

Last year, Volkswagen, which owns Porsche, sold a minority stake to investors, retaining control of the company, but releasing billions of euros to help fund its electrification programme. The shares have climbed from €82.50 to €109 apiece since then, helping put Porsche’s value above that of its owner.

Porsche joins Aston Martin and Ferrari in expecting higher orders and stronger production figures as the supply problems that have plagued the industry begin to ease.

Higher-end car makers including Porsche have been less affected when it comes to profitability since they have been able to charge more for their vehicles, boosting profits. Porsche said profits rose to €6.8bn, a leap of 27pc.

Oliver Blume, chairman of the executive board, said: “In difficult conditions, we achieved the strongest result in the history of Porsche, by some distance.”

“We were also able to offer our customers exciting new products yet again in 2022. This is the result of a great team performance.”