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 US wind industry installed just 5.2 gigawatts (GW) in 2024 – the lowest level in a decade, according to Wood Mackenzie’s new US Wind Energy Monitor report. Installations are expected to rebound in 2025, but the real concern lies in US wind’s sharply downgraded 5-year outlook. As for the reason behind that bleak forecast, we’ll give you one guess as to why, and it starts with a T.
Wood Mac reports that 3.9 GW of onshore wind came online last year, along with 1.3 GW of onshore repowers and 101 megawatts (MW) of offshore wind.
Onshore wind
The US is expected to achieve more than 160 GW of installed onshore capacity by 2025, and onshore growth is projected to bounce back from 2024 and surpass 6.3 GW this year.
“The cliff in 2023 and 2024 created by the Production Tax Credit (PTC) push in 2022 will come to an end,” said Stephen Maldonado, research analyst at Wood Mackenzie. “Despite the uncertainty created by the new administration, the massive number of orders placed in 2023 culminating in projects now under construction support the short-term forecast.”
The pipeline for onshore has 10.8 GW currently under construction through 2027, with another 3.9 GW announced.
GE Vernova led onshore wind installations in 2024 with 56% of the market and will continue to lead in connections for the next five years. It was followed by Vestas (40%) and Siemens Gamesa (4%).
Offshore wind
Offshore wind is projected to increase in 2025 as well, with 900 MW of installed capacity, up from a disappointing 101 MW in 2024. However, several projects have been shelved in the wake of Trump’s anti-wind executive orders, which downgraded the five-year outlook by 1.8 GW.
Electrek’s Take on US wind’s 5-year outlook
According to Wood Mac, 33 GW of new onshore wind capacity will be installed through 2029, along with 6.6 GW of new offshore capacity and 5.5 GW of repowers. However, due to Trump’s anti-wind policy and economic uncertainty, this five-year outlook is 40% less than a previous total of 75.8 GW. Growth will happen, but it’s going to be slower.
The main reason is Trump’s flourish of his Sharpie on executive orders that include “temporary” withdrawal of offshore wind leasing areas and putting a stop to onshore wind on federal lands. Plus, firing all those federal employees will likely make permitting wind farms a slower process. (Trump just wrote more executive orders today allowing coal projects on federal lands; he won’t have federal employees to issue permits for those, either.) He’s worked to throw up obstacles for wind projects in favor of fossil fuels. He won’t stop the wind industry, but he’s managed to get some projects canceled, and he’ll make things more of a slog over the next few years.
Read more: Coal is dead and Trump’s executive order won’t revive it
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BYD’s cheapest EV in China just got even more affordable. After cutting prices this month, the BYD Seagull EV starts at just 56,800 yuan, or under $8,000.
BYD cuts Seagull EV price to under $8,000 in April
Despite an intensifying EV price war in China, BYD is cutting prices once again. The Chinese EV giant announced a new promotion this month across several Ocean Series models, including the Seagull.
The 2025 BYD Seagull EV is available starting at just 56,800 yuan ($7,800). The offer is for the non-Smart Driving Vitality Edition model, which usually starts at 69,800 yuan ($9,500).
After launching the new Seagull last year, BYD said the low-cost electric car officially opened “a new era of electricity being lower than oil.” Earlier this year, it upgraded most of its vehicles, including the Seagull, with its new “God’s Eye” smart driving system at no extra charge.
BYD’s Seagull is offered in three trims in China: Vitality, Freedom, and Flying. It has two battery options, 30.1 kWh or 38.9 kWh, which is good for the 305 km (190 mi) and 405 km (252 mi) CLTC range, respectively.
At just 3,780 mm long, 1,715 mm wide, and 1,540 mm tall, the Seagull is even smaller than the former Chevy Bolt EV (4,145 mm long, 1,765 mm wide, and 1,611 mm tall). It’s about the size of a Fiat 500e.
The price cut comes as BYD’s sales continue surging. With another 377,420 new energy vehicles (EVs and PHEVs) sold last month, the Chinese automaker has now sold over one million NEVs in 2025.
BYD’s EVs accounted for 416,388 while PHEV sales reached 569,710, an increase of 39% and 76% from last year, respectively.
| BYD Seagull EV trim | Starting Price | Range (CLTC) |
| Vitality | Normal: $9,500 (69,800 yuan) Now: $8,000 (56,800 yuan) |
190 mi (305 km) |
| Freedom | $10,300 (75,800 yuan) | 190 mi (305 km) |
| Flying | $11,700 (85,800 yuan) | 252 mi (405 km) |
Perhaps even more importantly, BYD sold over 206,000 vehicles overseas in 2025, more than doubling from last year. The Seagull EV is also sold in other global markets like Mexico and Brazil as the Dolphin Mini.
Later this year, it will launch in Europe as the Dolphin Surf, with expected prices starting under £20,000 ($26,000). Although it may not be the cheapest EV, BYD’s executive vice president, Stella Li, recently told Autocar it will be “the best value” when it arrives.
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