Porsche delivers 60,991 vehicles to customers globally in Q1, down 15% y/y

Porsche (POAHY) delivered a total of 60,991 vehicles to customers worldwide in the first quarter of the year vs. previous year of 71,470, representing a decline of 15%. The company said, “Key reasons include the end of production of the combustion-engined 718 model, the strong ramp-up phase of the all-electric Macan in the same period of the year before, and the discontinuation of tax incentives for electric and hybrid vehicles in the United States. At the same time, the 911 model range continues to be highly sought after by customers. In the first quarter of the new year, deliveries of the iconic sports car increased by 22 per cent year on year. Across all model lines, the derivative mix was well balanced, with a strong share of GTS, Turbo or GT models. Overall, Porsche maintained a balanced sales structure across its global sales regions.”