Porsche reveals 2024 financial report–Hints at new models and variants
Porsche AG concluded the 2024 financial year with strong performance despite a challenging economic landscape. The company recorded sales growth in four of its five global markets and reported a solid automotive net cash flow, nearly matching 2023’s record levels. We are here to summarize it for you.
Photo: Porsche
Porsche introduced new models across five of its six product lines, including updates to the Cayenne, Panamera, Taycan, 911, and the electric Macan. The company continues to offer a mix of combustion, hybrid, and electric drivetrains, adjusting its product strategy to reflect evolving market demands. The transition to electric vehicles remains a priority, but Porsche is also developing additional combustion and hybrid models in response to the prolonged global shift towards electrification.
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CEO Dr. Oliver Blume emphasized Porsche’s commitment to innovation: “We have renewed most of our model lines and strengthened our product portfolio to excite our customers. Our strategic adjustments ensure flexibility and resilience in a changing environment.”
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The iconic 911 will see new performance-focused variants (possibly the much-awaited GT2RS), including limited-edition heritage models. Meanwhile, the electric Macan has been well received, and Porsche plans to phase out its combustion-powered versions. The company is also considering a new SUV model line featuring combustion and hybrid engines, which is expected later in the decade.
Photo: Porsche
Porsche continues to invest in customization, expanding its Exclusive Manufaktur program, which has seen rising customer demand.
Porsche generated €40.1 billion in revenue, slightly below 2023’s €40.5 billion. The company offset declining sales figures through increased customization and premium pricing. Operating profit fell from €7.3 billion to €5.6 billion, with an operating return on sales of 14.1%, down from 18%. Automotive net cash flow reached €3.7 billion, close to 2023’s record €4 billion.
Porsche has initiated a restructuring program to enhance efficiency. Through natural attrition, hiring restrictions, and voluntary retirement options, it will reduce its workforce by 1,900 positions by 2029. Additionally, 2,000 fixed-term contracts will not be renewed. Further structural adjustments are under discussion.
CFO Dr. Jochen Breckner highlighted the company’s resilience: “Porsche remains highly profitable despite economic pressures. We will intensify cost management efforts in 2025 to strengthen long-term profitability.”
Porsche delivered 310,718 vehicles in 2024, a slight decline from 320,221 in 2023, primarily due to challenges in China. However, the company set sales records in Europe, Germany, North America, and other international markets. The Cayenne remained the top seller with 102,889 units, followed by the Macan (82,795) and the 911 (50,941).
Electrified vehicles accounted for 27% of total deliveries, with fully electric models comprising 12.7%. Porsche expects this share to rise to 33-35% in 2025, with all-electric vehicles making up 20-22%.
Photo: Porsche
Porsche has also achieved major motorsport victories in 2024, including the FIA World Endurance Championship (WEC) driver’s title and dominance in the IMSA racing series. Pascal Wehrlein secured the brand’s first Formula E world championship.
The company maintained its dividend at 2023 levels, proposing a total payout of €2.1 billion, equating to €2.30 per ordinary share and €2.31 per preferred share.
Porsche plans to invest an additional €800 million in restructuring, product development, and software and battery technology. These investments are expected to impact 2025 profits, with a forecasted operating return on sales between 10% and 12%. Revenue is projected to be between €39-40 billion.
Despite economic uncertainties, including intensified competition in China and geopolitical risks, Porsche remains committed to long-term profitability targets. The company aims for an operating return on sales exceeding 20% in the long run, with a medium-term goal of 15-17%.
“We are making strategic adjustments to strengthen Porsche’s future,” Dr. Breckner said. “Our investments today will ensure resilience and profitability in the years ahead.”
