Q3 2023 was Porsche Cars North America’s second strongest quarter ever.
Porsche Cars North America (PCNA) has released its Q3 2023 retail sales figures and they’re nothing short of impressive. Clocking in 19,988 cars, the German automaker has reported a whopping 21% jump from the same period last year. Even more remarkable, the company experienced a 15% increase year-to-date (YTD), with 56,323 new vehicles being sold in the first nine months of 2023.
The numbers don’t lie; Porsche is having a moment in the U.S., and Joe Lawrence, Executive Vice President and Chief Operating Officer of PCNA, has every reason to be ecstatic. According to him, “Q3 continued our positive momentum and I’m grateful to every customer as well as our industry-leading network of independently owned and operated Porsche Centers in what continues to be a highly competitive market.” These gains follow closely on the heels of Rennsport Reunion 7, Porsche’s largest fan gathering, which amassed a staggering 91,000 enthusiasts in California.
So what’s driving this impressive sales growth? Look no further than the Macan. This luxury compact SUV was the brand’s top seller in Q3, posting a 31% increase YTD, and it’s poised to grow further soon as an all-electric version of it is coming next year. Hot on its heels, the new Cayenne commenced deliveries in Q3 and contributed 6,005 vehicles, marking a modest but solid 2% increase YTD. Not to be outdone, Porsche’s iconic sports cars, the 718 and 911, posted 45% and 17% increases respectively YTD. But the cherry on top? Taycan sales skyrocketed by 55% in the third quarter, adding another 2,050 units to the tally, while the Panamera gained an 8% increase over the same period.
Another highlight from the report is the impressive rise in Porsche-approved Certified Pre-Owned (CPO) sales. With 28,579 units sold in the first nine months of 2023, this category leapt by 20.19% from the same period a year earlier. The numbers clearly demonstrate that even pre-owned Porsche models continue to be highly sought after in the U.S. market.
The larger question is, what does this all mean for Porsche and the luxury car market in the U.S.? It would be safe to say that customer demand for high-performance, innovative luxury vehicles is strong. With an industry-leading network of Porsche Centers and a consistently impressive product line, Porsche has successfully capitalized on this insatiable appetite. The company is thriving in a challenging market, leveraging both its heritage and its ability to innovate. The continued growth in sales—both new and CPO—signals that Porsche is capturing the imagination and wallets of U.S. buyers, elevating the brand to new heights. If this quarter’s results are any indication, Porsche is well-positioned to continue its upward trajectory, further solidifying its foothold in the U.S. luxury car market.