The Electric Taycan’s Sales Slump: Porsche’s Silver Lining is the Cayenne Cash Cow

The Porsche Taycan is giving the brand’s sales team a headache. Introduced in 2019 as a pioneer in the brand’s electrified lineup, the car has underperformed in terms of sales. According to recent data from the German automaker, global deliveries of the four-door electric vehicle in the first nine months of 2024 were just half of what they were in the same period in 2023, with a 35% decline in the US.

Part of the blame lies with the model change; Porsche revealed an upgraded Taycan in the spring with minor tweaks but significant improvements in range and performance. Some buyers may have also opted for the new Macan Electric instead. But a bigger issue for Porsche—and for any other Western brand operating in the Asian market—is weak demand from the massive Chinese market.

Porsche’s global production in the first nine months decreased by 7%, from 226,026 to 242,722, and its number one market, North America, saw a 5% decline to 61,471, while Europe increased its Porsche purchases by 1%. However, deliveries to China plummeted by a significant 29% to 43,280. The country, which was until recently Porsche’s largest market, has now slipped to third place behind the US and Europe and risks falling further to fourth.

Only 14,042 Porsche buyers chose the Taycan in the first three quarters, making it the brand’s least popular model, even trailing the older 718 lineup. Its gasoline-powered sibling, the Panamera, also had a challenging first three quarters of 2024, with sales down 20% to 21,056. Porsche attributed this decline to model changes and the challenging situation in China.

The Macan fared even worse, with sales down 21% to 55,000, but the 911 managed to increase its customer base by 2% to 39,744 globally. The 718 Boxster and Cayman saw a 10% increase in sales worldwide as buyers rushed to place orders before the ICE version was discontinued in Europe.

However, selling an additional 1,800 718s was not enough to save Porsche from disaster in the first nine months; instead, it was the reliable Cayenne that came to the rescue.

The SUV, which was refreshed in late 2023, saw a 21% increase in sales with its new lineup, which included the S model, replacing the boring V6 with a powerful V8. Total sales reached 77,686, making it the brand’s most popular model.

Porsche had previously received criticism for its decision to produce the Cayenne, a “high-riding 911 with four doors.” However, for 22 years, this SUV has consistently topped the brand’s best-selling list, even as Porsche introduced the all-electric Taycan to keep up with the electrified market.