Dynamic global economy
The global economy continued to record robust growth in 2019, albeit at a slightly reduced pace. Global gross domestic product (GDP) increased by 2.6 per cent (previously 3.2 per cent). Economic momentum in the advanced economies of the world and in the emerging markets was below the previous year. Interest rates remained low, while global energy, commodity and consumer prices all fell compared to 2018. Increasing trade distortions at an international level, such as the conflict between the US and China, combined with ongoing geopolitical tensions to generate much higher levels of economic uncertainty.
In Western Europe, growth in GDP slowed over the course of the year to 1.2 per cent (previously 1.8 per cent) and the rate of change fell in almost all countries across Northern and Southern Europe. The ongoing Brexit negotiations also created a mood of uncertainty as the future shape of the relationship between the UK and the European Union remained unclear. Unemployment fell within the eurozone, averaging 7.5 per cent (previously 8.1 per cent), although the rates in Greece and Spain remained considerably higher. GDP continued to grow in Germany in 2019, buoyed by the good situation on the labour market. It was noticeably less dynamic than the year before, however, at 0.5 per cent (previously 1.5 per cent). The mood in the corporate sector, along with consumer confidence, continued to deteriorate over the course of the year.
Growth in the US economy fell to 2.3 per cent (previously 2.9 per cent) and was supported primarily by domestic consumer demand. Unemployment was at 3.7 per cent (previously 3.9 per cent). The Federal Reserve cut key interest rates in response to global uncertainty, thus moving away from its previous tightened monetary policy coupled with relatively stable inflation. The US dollar gained in strength against the euro during 2019. In Canada, growth fell to 1.6 per cent (previously 2.0 per cent). While the Brazilian economy again recorded slight growth, expanding by 1.1 per cent (previously 1.3 per cent), the situation in South America’s largest economy remained tense due to political uncertainty.
China’s economy once more enjoyed significant growth in 2019 at a level of 6.2 per cent (previously 6.6 per cent). In light of its trade policy disagreements with the US, the country continued its programme of state support measures. India’s GDP grew by 4.8 per cent (previously 6.8 per cent), while Japan recorded growth of 1.1 per cent (previously 0.3 per cent).
2019 was the second consecutive year in which the global automotive market contracted relative to the previous year’s figures. In the reporting year, the market fell by four per cent to 79.6 million vehicles. While there was a minor uptick in new registrations in Europe, the markets in the Middle East, North America, South America and Asia-Pacific all shrank.
In Western Europe, the car market grew by 0.6 per cent in 2019 to 14.4 million vehicles. Growth figures varied from one major market to another, with Germany enjoying a five per cent upturn in new registrations that saw it reach 3.6 million vehicles. In addition to the robust labour market and higher commercial demand, sales support in the form of a scrapping bonus also had a positive impact. France enjoyed a 1.6 per cent increase on the previous year, while Italy stagnated and Spain recorded a significant drop of 4.7 per cent. On the UK car market, the negative trend of previous years continued – albeit at a milder level (down 2.4 per cent). In Western Europe, the proportion of diesel vehicles fell to 32 per cent in 2019 (previously 36.4 per cent).
In the North America region, sales of passenger cars and light commercial vehicles (up to 6.35 tonnes) dropped by 2.3 per cent to 20.2 million vehicles in the reporting year. The market volume in the US alone was also below that of the previous year, shrinking 1.6 per cent to 17.0 million units. The shift in demand from classic passenger cars (down 10.1 per cent) to light commercial vehicles, such as SUVs and pick-up trucks (up 2.6 per cent), was once again evident in the reporting year. Canada’s automobile market continued the downward trend that began in 2018, experiencing a 4.3 per cent drop in the reporting year. On the South American markets, the volume of newly registered passenger cars and light commercial vehicles was down five per cent at 4.3 million units in 2019. However, demand for automobiles in Brazil continued to recover with a high growth rate of 7.7 per cent.
Following a minor dip in 2018, the volume of the passenger car market in the Asia-Pacific region experienced a notable six per cent drop in 2019 as it recorded 34.0 million vehicles. This was primarily driven by falling demand in China and India. The trade war with the US placed particular strain on the Chinese market, which shrank by 6.4 per cent in the reporting year. Sales in India dropped by nearly 12 per cent over the second and third quarters of 2019. In Japan, the passenger car market volume fell by 2.4 per cent.
2019: deliveries up by 10 per cent
From a sales point of view, 2019 was extremely successful for Porsche. The sports car manufacturer was again able to significantly increase the number of deliveries worldwide despite economic and political uncertainties. Key factors were the attractive product range and the brand's strong appeal.
In the year under review, Porsche delivered 280,800 vehicles worldwide – the most ever. The growth rate compared with 2018 was 10 per cent. The Cayenne, with an increase of 29 per cent to 92,055 cars, was the greatest contributor to this growth. Approximately 15 per cent was contributed by the Coupé version launched in 2019. The Macan remained the most popular model with 99,944 vehicles delivered to customers. This corresponds to an increase of 16 per cent. The success of both models also highlights Porsche’s strong position in this segment. 34,800 customers took delivery of their 911 models, and 32,721 Panamera vehicles were handed over to customers. 20,467 customers received their mid-engine sports car 718 Boxster or 718 Cayman.
The Taycan also already contributed to Porsche’s success with its start of production in September 2019. The launch market was the United States with 130 cars handed over to customers in 2019. The Taycan is being launched in Germany, China and worldwide from the beginning of 2020.
The E-Hybrid models were popular for the Cayenne and Panamera. Approximately 26 per cent were delivered in this variant in the case of the Panamera and 17 per cent for the Cayenne. Particulary in Europe, many customers opted for a hybrid model. The share in this region (Germany excluded) is 60 per cent for the Panamera and 30 per cent for the Cayenne, of which the E-Hybrid was not available before autumn 2019.
China remains the highest-volume market for Porsche with a total of 86,752 vehicles delivered there. This represents an increase of eight per cent compared with the previous year.
US: 10th successive year of growth
A total of 61,568 vehicles were handed over to customers in the United States in the year under review. This represents an increase of eight per cent compared with 2018. The previous year's figure was exceeded for the 10th time in succession and includes 130 Taycan that were delivered to customers. The most successful model in the US was again the Macan with 22,667 deliveries. This was followed by the Cayenne, which was handed over to customers 19,001 times. With an increase of 77 per cent, it achieved a large increase in de- liveries in the US. A total of 6,625 Panamera vehicles and 9,265 Porsche 911 vehicles were handed over to customers. A total of 3,880 vehicles of the 718 Boxster and 718 Cayman were delivered in the US. Alongside the new vehicles, Porsche Approved sales also achieved a new record level. With more than 25,100 deliveries and an increase of nine per cent, pre-owned vehicles also enjoyed a high degree of popularity among American customers as well as new vehicles.
Canada: again sixth biggest market
In 2019, Porsche was able to deliver 9,025 new vehicles in Canada, an increase of one per cent over 2018. The Macan remained the most successful model with 3,487 vehicles sold. With growth of 49 per cent compared with the previous year, the demand for the Cayenne increased most strongly. 3,129 vehicles of this model were handed over to Canadian customers. This was followed by the 911 with 1,414 units representing an increase of one per cent. A total of 609 Panamera vehicles were handed over to customers. 386 vehicles were delivered in the case of the 718 Boxster and 718 Cayman models. The number of “Porsche Approved” vehicles increased by nine per cent – 2,796 Porsche vehicles were handed over to customers.
Latin America: stability in a volatile region
In Latin America (excluding Brazil), Porsche was able to keep deliveries stable in spite of the volatile economic climate. A total of 2,925 vehicles were delivered throughout the region. At 20 per cent, the Cayenne recorded the strongest growth and was also the most successful model, with 1,382 vehicles handed over to customers. It was followed by the Macan with 17 per cent growth and 757 deliveries. Porsche delivered 467 of the 911 to customers in Mexico, Central and South America. There were 216 vehicles in the case of the 718 Boxster and 718 Cayman and 103 vehicles for the Panamera. The largest markets in the region continued to be Mexico, Chile and Puerto Rico, representing 66 per cent of the region with 1,938 vehicles delivered.
Brazil: growth of almost 30 per cent
Porsche’s subsidiary in Brazil had a particularly strong year. All model ranges were growing. Deliveries rose again by 28 per cent to 1,849 in the year under review. The Cayenne was a particularly strong performer with 575 vehicles and an increase of 66 per cent. For the Macan, a total of 495 vehicles were delivered, representing an increase of 16 per cent. Other model series also produced impressive figures: Porsche delivered 352 vehicles of the 718 model series, corresponding to 28 per cent more than in the previous year. The demand for the 911 increased by 13 per cent to 238 vehicles. Last but not least, the Panamera was also well received by Brazilian customers with 189 units and an increase of two per cent.
Europe region (Germany excluded): strong increase in deliveries
In Europe, Porsche achieved particularly high growth in 2019: a total of 57,876 vehicles were delivered. This represents an increase of 15 per cent compared with the best result so far of the previous year. The Cayenne was a strong performer here with 18,025 vehicles handed over to customers, corresponding to an increase of 38 per cent compared with 2018. The Macan remained the most successful model with 19,807 vehicles delivered, representing an increase of 27 per cent. The number of Porsche 911 models handed over to customers rose by six per cent to 9,603 units. A total of 5,549 Panamera vehicles were delivered. Of this, 38 per cent was accounted for by the Sport Turismo. There were 4,892 deliveries of the 718 Boxster and 718 Cayman mid-engine sports cars. The plug-in hybrid vehicles were again especially popular.
Germany: an increase of 15 per cent
Porsche delivered a total of 31,618 vehicles in its domestic market, representing an increase of 15 per cent compared with the previous year. The increase for the Macan was particularly strong at 40 per cent to 9,027 vehicles. The sports car icon 911 followed in second place with 8,300 units. The Cayenne achieved particularly strong growth of 39 per cent to 7,124 vehicles. The Panamera was handed over to German customers a total of 3,403 times. A total of 3,081 units of 718 Boxster and 718 Cayman models were handed over to customers.
United Kingdom: significant growth
In 2019, the United Kingdom was Porsche’s fourth-largest market. Deliveries to British customers in 2019 rose by 23 per cent to 15,365 vehicles. The 911 sports car icon achieved growth of 22 per cent, with 2,936 units delivered to customers. The Macan remained the most successful model with 4,988 vehicles delivered (an increase of 18 per cent). This was followed by the Cayenne with 4,070 units, representing an increase of 83 per cent. The 718 models also remained popular, with 2,422 units of the mid-engine sports car handed over to customers. A total of 949 Panamera vehicles were delivered.
France: Panamera with 80 per cent hybrid share
In France, deliveries rose by 17 per cent in 2019. Porsche delivered a total of 5,756 vehicles to customers. At 1,912 units, the Macan was again the most popular model, representing a 27 per cent increase over the previous year. This was followed by the Cayenne with 1,539 vehicles delivered (an increase of 53 per cent). The 911 again achieved growth of eight per cent to 1,217 vehicles. Among the four-door sports cars, the E-Hybrid versions were particularly popular. In the case of the Cayenne, 62 per cent opted for a hybrid, while for the Panamera this figure was 80 per cent.
Italy: Macan remains most popular model
In Italy, Porsche increased the number of its deliveries by 28 per cent to 6,710 vehicles in 2019. The Cayenne in particular enjoyed strong growth of 52 per cent to 1,596 vehicles. The Macan remains the most popular model in Italy. 2,917 units of this model were handed over to customers (an increase of 40 per cent). Demand for the 911 also remained strong: 1,177 vehicles were delivered. This corresponds to an increase of 20 per cent. A total of 541 Italian customers opted for a Panamera. 479 buyers received their 718-series mid- engine sports car. 79 per cent of Panamera customers chose the E-Hybrid. 54 per cent, or more than half, were delivered as a Sport Turismo. The proportion of the E-Hybrid Cayenne models has doubled from 16 per cent in 2018 to 32 per cent in 2019.
Spain/Portugal: high growth rate for the Cayenne
The number of Porsche vehicles delivered in Spain and Portugal in 2019 amounted to 3,542 vehicles, representing growth of 19 per cent compared with the previous year. The most successful model was the Macan with 1,379 vehicles delivered, an increase of 15 per cent. Demand for the Cayenne was extremely positive, making it the most popular model in Portugal and the second most popular model in Spain. A total of 1,055 vehicles of this model and thus 64 per cent more than in 2018 were handed over to customers. The Panamera was delivered 509 times, and the 911 422 times. There were 177 deliveries of the 718 models.
Switzerland: Macan still popular
Porsche delivered 3,722 vehicles in Switzerland last year and thus rose by 11 per cent compared with the previous year. The most popular model was again the Macan with 1,415 vehicles. This corresponds to an increase of 32 per cent. A total of 897 Cayenne vehicles were delivered, representing a 33 per cent increase over the previous year. Of these, 33 per cent were plug-in hybrid models. Porsche Switzerland delivered 854 vehicles of the 911 sports car icon. 315 customers received a Panamera. Porsche handed over 241 of the 718 Boxster and 718 Cayman mid-engine sports cars to its Swiss customers, which represents a significant increase of 30 per cent.
Central and Eastern Europe: tenth consecutive year of growth
In the year under review, Porsche delivered 7,024 vehicles to customers in Central and Eastern Europe. This corresponds to an increase of 12 per cent. It is the tenth consecutive year of growth in the region. The most popular model in Central and Eastern Europe is the Cayenne with 2,587 units, representing an increase of 21 per cent. The Macan achieved growth of 33 per cent. A total of 2,550 customers opted for this model. The Panamera was delivered 873 times, while 684 units of the 911 and 330 units of the mid-engine sports cars 718 Boxster and 718 Cayman were handed over to customers.
Russia: Cayenne and Macan achieve double-digit growth
In Russia, Porsche also had a very successful year. In 2019, 6,023 vehicles were delivered to Russian customers – 18 per cent more than in the previous year. The Cayenne was particularly in demand with 3,666 units, representing an increase of 29 per cent. The Macan’s share increased by 12 per cent with 1,622 vehicles. A total of 455 customers chose a Panamera. Of the 911 models, 204 vehicles were delivered. Some 76 customers received their 718 Boxster or 718 Cayman.
Northern Europe (including Benelux and Austria): E-Hybrids particularly in demand
In 2019, 9,734 vehicles were delivered in this market area, 1,376 in Austria alone. The strongest growth was recorded by the Macan with 3,024 units representing an increase of 40 per cent. Deliveries of the Cayenne also increased: 2,615 vehicles were handed over to customers. This corresponds to an increase of eight per cent. With 2,109 units, the Porsche 911 deliveries accounted for a strong 22 per cent of total sales in the market area. A total of 1,275 Panamera vehicles and 711 vehicles of the 718 Boxster and Cayman models were delivered. The share of E-Hybrid models is unusually high. For the Cayenne it is 58 per cent and 70 per cent for the Panamera. At 53 per cent, the Sport Turismo version of the Panamera was particularly popular.
China: remains highest-volume market
In 2019, China remained Porsche’s highest-volume single market. A total of 86,752 vehicles were delivered, representing growth of eight per cent. The largest share was attributable to the Macan, of which 34,619 vehicles were delivered to customers. This corresponds to an increase of 26 per cent. A total of 32,683 Cayenne vehicles and 13,170 Panamera vehicles were delivered to customers (an increase of four per cent). The two-door sports cars were also well received by customers. 4,866 vehicles of the 718 Boxster and 718 Cayman models were delivered. A total of 1,414 units of the 911 were delivered.
Japan: 911 extremely popular
Porsche delivered 7,085 vehicles in Japan in the year under review, marking 10 consecutive years of increase and the highest number on record. Compared with the previous year, this corresponds to an increase of one per cent. The strongest growth was achieved with the 911. A total of 1,766 vehicles of the sports car icon were delivered – 26 per cent more than in the previous year. The Macan also contributed to growth with 2,232 units handed over to customers, an increase of nine per cent. A total of 1,049 Panamera vehicles were delivered, and almost as many Cayennes with 1,041 units. Some 997 Japanese customers took delivery of their 718-series mid-engine sports car.
Taiwan: Macan with strongest growth
The market in Taiwan grew by 10 per cent in 2019 to 3,732 vehicles delivered. The Macan recorded the strongest growth with 51 per cent more than in the previous year and a total of 1,475 vehicles handed over to customers. It almost caught up with the Cayenne which, with 1,556 units, remained the most popular model in Taiwan. Some 255 customers received their 718 Boxster or 718 Cayman and 250 their 911. A total of 196 customers took delivery of their Panamera.
South Korea: the Cayenne is the most popular model
In South Korea, Porsche almost maintained its number of vehicles delivered in 2019, with a total of 4,288 vehicles delivered. Significant growth was achieved by the Cayenne, of which 2,332 vehicles were handed over to customers. Other popular models in South Korea were the Panamera (1,124 vehicles), 718 Boxster and 718 Cayman (together 731 vehicles) and the iconic 911 sports car (100 vehicles).
Asia-Pacific: strongest market growth
The Asia-Pacific region that Porsche supports from Singapore was the highest-growth market for the sports car manufacturer in the previous year – also thanks to the integration of New Zealand, which was previously part of the Australian sales organisation. Deliveries increased by 41 per cent to 3,025 vehicles. The Cayenne recorded the strongest growth at 154 per cent and 1,070 vehicles. The Macan also achieved a high growth rate: 1,090 vehicles and thus 84 per cent more than in the previous year were handed over to customers. The 911 also recorded a solid 16 per cent in- crease, with 352 vehicles delivered. Customers received 312 vehicles of the Panamera and 201 vehicles of the 718 series.
Middle East, Africa and India
Macan with strong growth in demand
In the Middle East, Africa and India region, 6,891 vehicles were delivered in the reporting year, with Porsche achieving growth of seven per cent – despite continuing challenges for the regional automotive industry. The Macan was a particularly strong performer in the region with 2,278 new car deliveries and a growth of 74 per cent compared to the previous year, whilst the Cayenne maintained its position as the best-selling model with 2,785 vehicles sold to customers. Although the eighth generation of the iconic Porsche 911 was only introduced to the region mid-way through the year, sales surpassed previous year’s deliveries. Porsche’s regional office based in Dubai supports the brand’s operations across 21 countries with 22 importers and 65 retail facilities spread across the Gulf Cooperation Council (GCC) countries, Levant, India and Africa. Accounting for 22 per cent of total regional sales, South Africa was the largest market for Porsche Middle East and Africa in 2019. The GCC countries remained a key contributor representing a 58 per cent share of new car deliveries.
Slight decrease due to structural change
Despite organisational decoupling from New Zealand, the Australian sales region remains a high-volume market for Porsche with a slight decline of three per cent due to the separation. A total of 4,166 vehicles were delivered. This result was achieved in a challenging Australian automotive market, with the overall market declining around eight per cent in 2019. The Cayenne recorded growth of 14 per cent with an increase to 1,352 vehicles. The highest- volume model remains the Macan, which was chosen by 2,009 customers. The 911 was again popular: 508 vehicles were handed over to customers. 246 vehicles from the 718 series were delivered and 51 Panamera vehicles.