Premium automotive brands are enjoying a resurgence in sales and profits as emerging market power houses such as China and Russia starting buying up expensive luxury and performance cars in droves.
We just saw Bentley, Daimler and Ferrari all announce record profits or sales recently, and now Porsche has come out with the announcement that its profits are up a staggering 59 percent compared with levels just one year ago.
In the first half of 2011, Porsche further improved its earnings, generating an operating profit of $1.54 billion. Sales meanwhile, increased by 26.3 percent to 56,272 vehicles, and with the brand new 2012 Porsche 911 just around the corner, this figure is expected to soar even further over the next six months.
The increase in the first half of the year sales illustrates the Cayenne’s major market success. With 28,405 vehicles sold, the speedy SUV managed to more than double its sales between January and June 2011 compared with the corresponding period of 2010, and accounted for approximately one out of every two new Porsches sold.
The next most popular model sold was the Panamera, which accumulated 11,567 sales over the six month period, followed by the 911, which accumulated 10,101 sales.
Surprisingly, it was Porsche’s most affordable models, the Boxter and Cayman, which accumulated the least number of sales, 3,860 and 2,339 units respectively.
North America, by far, remains Porsche’s biggest market with 15,466 sales during the first six months of the year, followed by China with 11,712 sales and Germany, Porsche’s home market, coming in third with 6,734 sales.
With such strong sales, and even more models in the pipeline, such as a new entry-level roadster, Cajun crossover, and 918 Spyder, Porsche is well on its way to reaching its target of approximately 200,000 sales per year by 2018.