Porsche reports record 2022 earnings, updated EV pipeline includes entirely new SUV model
During its annual press conference earlier today, Porsche AG is reporting four new financial records for 2022 following a successful IPO last fall. With record revenues for the previous year, Porsche now looks ahead toward its goal of delivering 80% electrification throughout its entire vehicle lineup by 2030 and has updated the public on what and when we will see new EV models, including a bespoke SUV prototype.
Porsche AG is coming off a big year in 2022. After Porsche chief Oliver Blume took over as CEO of parent company Volkswagen Group last summer, he immediately got to work in boosting the Group’s transition to EVs.
The German automaker saw its 100,000th Taycan EV roll off its assembly lines last fall, while Porsche simultaneously began teasing additional EVs to come, including the all-electric Macan SUV. Over the past year, we’ve also learned of an EV version of the 718 on the way, which has been spotted out of roads testing.
To build hype head of its planned IPO, Blume and the Porsche team had also begun promising an entirely new SUV codenamed “K1” which will be positioned above both the Macan and Cayenne EVs in the sales pipeline.
After completing the largest IPO in Europe by market capitalization last September, Porsche is now reporting encouraging financial figures on its way toward full electrification. Here’s the latest.
Porsche aims for huge sales return on wings of new EVs
During its annual press conference earlier today, Porsche’s chairman of the executive board Oliver Blume relayed 13.6% revenue growth in 2022 (37.6 billion euros compared to 33.1 billion in 2021). Operating profit was also up 1.5 billion euros compared to a year prior (+27.4%) alongside record highs in vehicle deliveries and net-cash flow (+0.2 billion euros). Blume elaborated:
In difficult conditions, we achieved the strongest result in the history of Porsche, by some distance. We were also able to offer our customers exciting new products yet again in 2022. This is the result of a great team performance.
Fresh off its successful public offering, Porsche AG looks to carry momentum into 2023 with lofty new targets. The new year kicked off the group’s new “Road to 20” program, which aims to achieve an operating return of sales over 20% in the long term. Porsche deputy chairman and member of the executive board for finance and IT Lutz Meschke, spoke to the group’s goals and newfound freedom to achieve them:
With the Road to 20 we are making Porsche even more resilient and our brand stronger than ever. And we’re going to take a fresh look at everything, from our product range and pricing to our cost structure. We want to increase the quality of our contribution margins and make our products even more attractive.
We can now become even more focused and pick up even more speed. The newly attained autonomy gives us additional entrepreneurial freedom. We will strengthen specific capabilities in key areas such as software and battery technology.
According to consulting firm Brand Finance, Porsche sits as the most valuable luxury brand in the world right now, and it looks to transition that reputation over into a complete lineup of new EVs to join the Taycan. According to the Group’s latest production timeline, that will begin with the all-electric Macan in 2024, followed by the aforementioned 718 by mid-decade.
Next will come a fourth generation, EV version of Porsche’s larger Cayenne SUV, followed by the entirely new “K1” SUV, positioned at a price point above all its other large EVs. Porsche shared that the new model will offer strong performance and automated driving functions while atop the Group’s SSP sport EV platform. With the new chassis, Porsche is also promising on-road performance and range combined with off-road capabilities in some models.
Looking ahead, Porsche is still working to reach a net carbon neutral value chain for its vehicles by 2030, including a net carbon neutral use phase for the BEV models mentioned above. The group also began researching and developing e-fuels at a pilot plant with partners in Chile last year – a hot topic of debate in the EU as its commission has delayed a final vote to completely ban new sales of combustion vehicles by 2035. Porsche was one of the German automakers requesting guidance on the use of those fuels in the future before the vote is finalized.
Meschke states that Porsche expects an operating return on sales between 17-19% in 2023 based on projected sales revenue around 40-42 billion euros.
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The Honda Prologue is a surprise hit. It was the second-best-selling electric SUV behind the Tesla Model Y in the second half of 2024. Now, used models are in high demand.
Honda Prologue leads used EV sales growth in July
After it delivered the first customer models last March, the Honda Prologue quickly became one of the most popular EVs in the US.
Throughout the second half of the year, Honda sold an average of over 5,000 Prologues every month. In November, it was the third best-selling EV, trailing only the Tesla Model Y and Model 3.
Honda’s electric SUV continues to be a top seller this year. Last month, it outsold the Ford Mustang Mach-E and Hyundai IONIQ 5. Since delivering the first Prologue model last March, Honda has now sold 52,500 units in the US.
According to Cox Automotive’s latest EV Market Monitor report, used Honda Prologue EVs are selling faster than expected.
Used EV sales rose sharply in July to 36,670, up 23.2% from June and 40% compared to last year. Honda had the biggest increase in used EV sales, more than doubling (+103%) month-over-month. Hyundai (+61.3%) and Rivian (60.5%) ranked second and third.
Tesla led used EV sales last month, selling 15,903 vehicles, up 18% year-over-year. GM’s Chevy (3,499 units, +28.6%), Ford (1,967 units, +25.7%), Mercedes-Benz (1,724 units, -12.3%), and Nissan (1,659 units, +19.9%) rounded out the top five.
Although its market share slipped to 43.4% from 45.2%, Tesla remained the leader by a wide margin. Other luxury brands, including BMW and Audi, reported higher used EV sales in July, with increases of 43.87% and 38%, respectively.
According to the report, used EV listing prices reached $35,263 last month, a 1.9% decrease from June. With a price gap of just $1,266, a record low, used electric vehicle prices are closing in on ICE vehicles.
New EV sales also picked up in July. With over 130,000 EVs sold, up 26% from June, the electric vehicle market share reached 9.1%, the second-highest to date.
Ahead of the $7,500 federal tax credit deadline, set to expire at the end of September, 11 brands posted their best EV sales of the year. The top five included Tesla, Chevy, Hyundai, Ford, and Honda. Volkswagen surged to sixth after electric vehicle sales surged 454% last month.
The Honda Prologue starts at $47,400, but with the credit, you can snag one for under $40,000 right now. Honda is also offering monthly leases as low as $159 in California and other ZEV states. In other regions, it’s still listed for as low as $229 per month.
| 2025 Honda Prologue trim | Starting Price* | Starting Price After Tax Credit* |
EPA Range (miles) |
| EX (FWD) | $47,400 | $39,900 | 308 |
| EX (AWD) | $50,400 | $42,900 | 294 |
| Touring (FWD) | $51.700 | $44,200 | 308 |
| Touring (AWD) | $54,700 | $47,200 | 294 |
| Elite (AWD) | $57,900 | $50,400 | 283 |
Even Honda’s luxury brand, Acura, is selling more electric vehicles than expected. Through the first half of the year, the Acura ZDX outsold the Cadillac Lyriq, and it’s based on the same GM Ultium platform.
Sales are expected to continue picking up ahead of the deadline. As Cox Automotive highlighted, “July’s performance sets a strong precedent, and as policy support winds down, the market’s ability to respond to real-time demand and brand-level dynamics will be critical in shaping the next phase of growth.”
Ready to take advantage of the savings while they are still here? We’re here to help. You can use our link to find deals on the Honda Prologue in your area (trusted affiliate link).
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The waste management experts at Republic Services are committed to cleaning up the Chicagoland area — and now, that includes the air Chicagoans breathe, thanks to the deployment of new Mack LR Electric garbage trucks in the heart of America’s Second City.
Republic Services executives and partners from local utility ComEd gathered yesterday, 14AUG, to celebrate the deployment of Chicago’s first electric refuse fleet, featuring two new Mack LR Electric garbage trucks paid for, in part, by ComEd’s commercial EV rebate program.
“The Mack LR Electric is purpose-built for refuse applications, delivering zero local emissions while maintaining the durability and performance Mack trucks are known for,” reads the official Mack press release. “The electric powertrain provides quieter operation for early morning routes and helps fleet operators meet sustainability goals while supporting cleaner air quality in urban communities. With its low cab-forward design and tight turning radius, the LR Electric maintains the maneuverability essential for residential and commercial waste collection routes.”
The big Class 8 Mack Trucks are powered by a pair of electric motors putting 400 combined kW (about 536 hp) through a 2-speed Mack Powershift transmission that offers a whopping 4,051 lb-ft of peak torque output. That’s over 40% more power than the first generation Mack LR Electric released in 2019, and this iteration can charge the 376 kWh Samsung-sourced batteries fully in under two hours at 150 kW.
Real money, real results
While Washington continues to threaten America’s economic security and position as a global technology leader by toying with the idea of killing the $7,500 Federal EV tax credit, the ENERGY STAR program, and other energy efficiency incentives, the private energy sector is stepping up with massive investments in battery storage, charging infrastructure, and commercial EV rebates – and Chicago is leading that charge (pun very much intended), with EV adoption outpacing the rest of the nation by 4:1 in Q1.
“ComEd is proud to support Republic Services in advancing zero emissions transportation for Chicago’s neighborhoods,” explains Melissa Washington, our senior vice president of customer operations and strategic initiatives. “As more customers take advantage of our EV rebate programs, we are helping empower customers to realize the air quality and energy savings benefits of EVs, and moving our communities closer to their goals for a more sustainable future.”
The new HD electric vehicles will be powered up nightly by equally new 150 kW DC fast charging stations from BP pulse, which are installed at Republic’s vehicle yard in the Little Village neighborhood. Part of the ComEd rebate money awarded to the company helped fund the make-ready infrastructure portion (effectively from the transformer to the stub) of that project, as well as at least one Ford F-150 Lightning pickup.
And, if these trucks look familiar, it might be because Republic Services also handles refuse collection for the City of Madison, Wisconsin, and added two Class 8 electric trucks to their garbage fleet last year in the form of a pair of similar Mack Electric LR HDEVs.
Electrek’s Take
Look, you know me. There is absolutely ZERO chance that I’ll be able to remain objective about anything that’s putting down more than four thousand lb-ft of torque. Make that thing quieter, cleaner, and generally better for me and my community, and there’s even less of a chance of me saying anything critical about it.
Here’s hoping more cities go electric rather sooner than later.
SOURCES | IMAGES: Mack Trucks, Republic Services, via LinkedIn.
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In the Electrek Podcast, we discuss the most popular news in the world of sustainable transport and energy. In this week’s episode, we discuss Tesla’s upcoming FSD update, Ford’s Universal EV platform, the new Acura NSX, and more.
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