Can't sell anymore? Porsche lowers annual revenue forecast and reduces sales target!

As of July 22 local time, the German luxury car brand Porsche has lowered its annual revenue expectations, with expectations for annual revenue now between 39 billion and 40 billion euros, down from the previously expected 40 billion -42 billion euros.

The news caused Porsche's stock to fall nearly 5% on Tuesday. Porsche explained that due to a European supplier's factory being hit by a flood, the company is facing unexpected shortages in special aluminum alloy supply, which will cause the company to reduce production. Furthermore, Porsche expects this year's sales return rate to be between 14%-15%, which is lower than the previously projected 15%-17%.

Porsche had previously set a target of electric vehicle sales to account for 80% of new car sales by 2030. The latest news is that Porsche stated in a declaration: "The transition to electric cars will take longer than we imagined five years ago." Therefore, the group will reduce the previously established aim for electric vehicle sales by 2030. Sales will now depend on demand and the global development of electric vehicles. However, the official did not announce specific target changes, only stating that once the future market demand meets expectations, Porsche will still restore the goal.

Porsche's electric vehicle sales have fallen by 51% in the first half of this year. However, this did not shake the company's confidence in future product lines. This year, Porsche launched four new models, including the new Taycan, Panamera, and hybrid 911, but the most important is the electric Macan. The new model was finalized in the Porsche Leipzig plant in May and will begin delivery in the second half of the year. Porsche CEO Oliver Blume states that there are abundant orders for pure electric Macan and that the release of the new models will help boost sales.

In addition to the Macan, Porsche will also launch an all electric 718 by the end of 2024 and an all electric Cayenne in 2026. The company also plans to launch a flagship electric seven-seater SUV to compete with ultra-luxury models like Ferrari's Purosangue.

The latest sales data shows that Porsche's global sales in the first half of the year were 155,945 units, compared with 167,354 units during the same period in 2023, a decrease of 7% year-on-year.