Porsche had its annual press conference this week, and apart from announcing the 911 Hybrid, the company also shared the usual dull financial figures. We won't bore you with most of the numbers, but there is one that stood out. In 2023, customers paid on average about €117,000 on their purchase. At current exchange rates, that works out to approximately $127,800.
To put that into perspective, a Carrera T costs roughly the same in the United States after factoring in the mandatory delivery and destination charges. For nearly $128,000, you could buy two base Macans and still have a few thousand dollars left to add some options. As is the case with virtually all cars, Porsches are cheaper in the US than they are in the European Union where people pay value-added tax (VAT), which can be as high as 27 percent in Hungary.
On top of that, governments in EU countries penalize people who want to buy cars powered by high-emissions engines. That's why a Toyota GR Yaris can cost over $100,000 in France. The Honda Civic Type R is also a six-figure car in The Netherlands. Europe (excluding Germany) was good to Porsche in 2023 as shipments grew by 12 percent. In the company's home market, demand went up by 9.9 percent. Europe accounted for nearly a third of global demand. North America (excluding Mexico) was next with a 26.9 percent share while China (including Hong Kong) represented 24.8 percent of the total sales.
Porsche explains the average transaction price keeps rising year after year because Porsche is increasing the standard equipment, which is reflected in the base price. Someone who enjoys playing with online configurators has noticed prices are going up regularly, making the 911 (or any other model for that matter) harder to obtain. That's not to say sales are down. On the contrary, 2023 was another record year.
For the third year in a row, deliveries reached an all-time high, peaking at 320,221 vehicles or 3.3 percent more than the year before. The Cayenne was the company's strongest seller with 87,553 units, followed closely by the smaller Macan at 87,355 crossovers. The iconic 911 took last place on the podium with 50,146 sports cars while the electric Taycan finished fourth with 40,629 cars. The Panamera occupied the penultimate spot with 34,020 units while the 718 Boxster/Cayman was last with 20,518 vehicles.
It'll be interesting to see whether Porsche will be able to maintain the sales momentum in 2024 considering the gasoline Macan is being retired from the EU. Because of upcoming cybersecurity laws, the company is forced to remove its cash cow from all 27 countries that make up the EU. The sporty crossover will continue in the UK.
