Porsche AG warned on Wednesday that weekly supply chain snarls hampered the output of its only fully electric vehicle and warned about slower growth in Europe.
Chief Financial Officer Lutz Meschke told reporters on a media call that it faces "major challenges" in securing parts like high-voltage heaters for its Taycan EV. He said the ability to meet its EV sales target of more than 12% of shipments this year might be difficult and depends if supply chain woes can be resolved in the second half.
"There is no week where we have no supply chain issue," Chief Executive Oliver Blume said. "We have to be very flexible," he said.
Blume added, "We see still a lot of uncertainties also because of geopolitical uncertainties around the world."
Porche outlined in its "Press & Analyst Call H1 2023" presentation about the "Supply Situation," indicating "From crisis management to the challenge of ramp-up production."
Next year, Porsche plans to launch an EV version of the Macan SUV, followed by a fully-electric 718 roadster and Cayenne SUV.
"Worries on 2024 performance and the delayed launch date for the e-Macan will move into view in the second half," Bernstein analyst Daniel Roeska said in a note to clients.
Porsche reported an increase of 10.7% in operating profit for the first half of the year, reaching 3.85 billion euros ($4.25 billion). Meanwhile, revenue surged 14%, totaling 20.43 billion euros. Deliveries were higher by 14.7% versus last year, signaling a recovery but warned about a future slowdown in the German market.
Despite the mounting global economic headwinds, Blume stated that the luxury market has been more resilient than the mass market. He said the company offset higher costs by maintaining steady pricing amid increased sales.
As for the Taycan GTS EV, it's a stylish car but only has 246 miles of range, and 0-60 MPH is around 3.5 seconds. The Tesla Model 3 performance, which is half the cost, has a range of 300 miles and 0-60 takeoff time in 3.1 seconds. Porsche EV technology needs to catch up with Tesla.
If the German automaker wants to expand its EV offerings, it might want to secure its supply chains first.
