Porsche says the Taycan EV remains a “success story,” but ICE sales still carry the weight
After deliveries reached 27,885 through the first nine months of 2023, Porsche says the Taycan EV “is and will remain a success story.” Meanwhile, with nearly 243,000 total vehicles delivered, Porsche’s ICE vehicles continue carrying the bulk of sales.
Porsche delivered 242,722 vehicles in the first nine months of the year, up 10% compared to 2022.
The luxury sports brand achieved growth in every region except its most important – China. From January to September, Porsche’s overall deliveries rose by 23% in Europe (excluding Germany), 23% in overseas and emerging markets, 19% in Germany, and 14% in North America.
In China, sales fell by 12%. Porsche attributes the decline to a continued “challenging economic situation” in the country.
Excluding China, Porsche’s deliveries were up 19% globally compared to last year. Meanwhile, deliveries of its sole EV, the Porsche Taycan, increased by 11%.
With deliveries reaching 27,885 through September, Lutz Meschke, Deputy Chairman of the Executive Board at Porsche, said, “The Taycan is and will remain a success story.”
| Jan – Sept 2020 |
Jan – Sept 2021 |
Jan – Sept 2022 |
Jan – Sept 2023 |
|
| Porsche Taycan deliveries | 10,944 | 28,640 | 25,073 | 27,885 |
However, the Taycan’s growth has been fading for nearly two years now. Sales of Porsche’s sole EV fell 16% last year and were down another 4.7% through the first half of 2023, and they are still down from 2021.
Taycan sales did pick up slightly over the past few months, with 9,894 units sold in the third quarter. But does that make the Porsche Taycan a success story?
Porsche says Taycan is a success yet ICE sales dominate
Through the first nine months of the year, the Taycan accounted for 11.5% of overall Porsche sales. That number is up from 10.8% through the first half of 2023 but still down from 13% last year.
Recent reports claim Porsche will rely on its ICE vehicles to continue carrying the weight for some time. An Automotive News report from June suggested Porsche will keep the gas-powered Macan around despite plans to launch an electric version next year.
The automaker also plans to keep the 911, its best-selling vehicle, in its lineup through the EV transition.
Porsche is sticking by its goal of reaching 12% to 14% EV share this year. Before launching the Taycan in 2019, Porsche said it expected sales of around 20,000 cars annually. “We have always clearly exceeded this goal – despite difficult circumstances in the supply chain and sales regions, where development in terms of e-mobility can vary significantly,” Meschke explained.
However, 2019 was four years ago, and the auto industry has shifted significantly. The share of electric cars has more than tripled over the last three years, from roughly 4% in 2020 to 14% in 2022.
Porsche’s sales rose by 12.6% to 30.12 billion euros ($31.9 billion) through September. Meanwhile, operating profit was up 9%, while Porsche’s operating margin was 18.3%.
The luxury sports automaker confirmed its forecast for the year. Porsche expects an operating margin between 17%-19% on revenue of 40-42 billion euros ($42-$44.5 billion).
Electrek’s Take
It’s hard to call the Porsche Taycan a success story with deliveries still down compared to two years ago.
In 2021, Porsche delivered 28,640 Taycan models through the first nine months of the year. Two years later, Porsche has delivered 27,885 Taycan EVs through September.
Porsche’s growth is coming almost solely from ICE vehicles right now. The automaker continues to say it expects “significant” increases in Taycan sales, but the numbers have yet to show it.
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It looks like the Batmobile from the future. Mercedes unveiled a stunning new Vision Iconic EV concept, promising to “stand out in a sea of sameness.” The show car blends the Golden Era of auto design with advanced new tech and features like Solar Paint and Level 4 self-driving capabilities.
Meet the Mercedes Vision Iconic EV concept
The Vision Iconic offers a glimpse of the luxury brand’s new era of design. It’s no secret by now that legacy automakers are struggling to keep up with the influx of new, more advanced, and oftentimes better-looking EVs coming out of China, South Korea, and other regions.
Mercedes is drawing inspiration from its past icons to revamp the brand with a fresh new look. The first thing you’ll notice is the redesigned grille.
The updated grille design was first shown on the new GLC in August. After introducing a closed-off grille design on its first electric vehicles, Mercedes is going back to a more traditional luxury style with a massive, bold new look.
Mercedes said the new front face, showcased on the Vision Iconic, enables the brand to “stand out from the sea of sameness.” And that it does. The concept builds on it with an illuminated upright star on the bonnet.
The electric coupe is inspired by the Golden Era of auto design, the 1930s. It draws inspiration from Mercedes’ icons, like the 300 SL and 600 Pullman.
According to Mercedes’ chief designer, Gorden Wagener, the Vision Iconic is “more than just an automobile – it is a sculpture in motion, a homage to timeless elegance, and a statement for the future.”
The concept is more than just a beautiful show car. It’s also packed with Mercedes’ most advanced tech and features.
An entirely new driving experience
Inside, the Vision Iconic is defined by “lounge-like comfort” and an entirely new digital experience. The instrument panel is a floating glass structure Mercedes calls “Zeppelin.”
Once you open the door, the instrument cluster comes to life with a screen stretching pillar to pillar. At the center, one of the four clocks is shaped like the Mercedes’ logo and acts as an AI assistant. The massive four-spoke steering wheel almost looks like something you’d find on a sailboat.
With steer-by-wire, Mercedes claims the Vision Iconic offers an entirely new steering experience with rear axle steering.
Mercedes said it’s also looking into using solar modules applied to the body of an EV to draw energy from the sun and extend the driving range.
According to Mercedes, an area of 11 square meters, or about the size of a mid-size SUV, could produce energy for up to 12,000 km (7,456 miles) a year in ideal conditions. The coating can be easily recycled and does not contain any rare earths or silicon.
Mercedes said the solar cells have a high efficiency of 20% and generate energy constantly, even if the vehicle is off.
And that’s not all of it. The company is also advancing neuromorphic computing, which Mercedes said “has the potential to reduce the energy requirements for data processing in autonomous driving by 90 percent compared to today’s systems.”
The Vision Iconic will come with Level 2 autonomous driving capabilities, but on the highway, Level 4 autonomy is activated.
Will we ever see the Vision Iconic on the road? Don’t get your hopes up, as it’s just a show car. However, you can expect to see several elements and new tech make their way into upcoming Mercedes models.
What do you think of the electric show car? A timeless design? Or should Mercedes head back to the drawing board yet again? Let us know your thoughts in the comments.
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Aptera reports having secured access to $75 million in funding to bring its solar car to production as it is set to go public later this week.
As we reported last week, Aptera is about to go public on the NASDAQ this week, but there were, and still are, some concerns about their approach.
The company is doing a direct listing rather than an IPO or a SPAC deal, which means that Aptera doesn’t secure any funding from going public.
Generally, a direct listing serves as an exit strategy for existing shareholders. In the case of Aptera, there are numerous shareholders, as the majority of funding comes from crowdfunding campaigns.
One of the biggest red flags is that company insiders, especially the co-CEOs, had no lockup period with the listing.
Furthermore, Aptera disclosed that it had only $13 million left by the end of June, as stated in its SEC filing. That’s not enough money to bring its solar car to production, and again, the direct listing is not getting any money into the company.
However, two days before going public on the NASDAQ, Aptera is now announcing that it secured “up to $75 million in equity financing”:
Aptera Motors Corp. (“Aptera”), the solar mobility company focused on developing highly efficient vehicles, today announced it has entered into share purchase agreement providing for up to $75 million of committed equity financing (the “ELOC”) with New Circle Principal Investments LLC, an affiliate of leading growth-focused investor New Circle Capital.
In short, Aptera will be able to sell shares New Circle Capital, which appears to be a small boutique firm.
Aptera says that it will use the proceeds to bring its solar car to production:
Proceeds from the ELOC are expected to support production readiness, including tooling and other activities required to bring Aptera’s Launch Edition vehicles to market. This structure gives Aptera the flexibility to raise capital in stages over time, aligning with the Company’s strategic priorities and market opportunities.
The company had aimed to bring its vehicle to production this year, but that goal was delayed due to ongoing funding issues throughout the year.
Electrek’s Take
This is relatively good news. As I mentioned last week, Aptera’s only chance is to raise money after the listing. However, the ability to do so without unreasonable dilution would only occur if the price holds next week.
For that to happen, Aptera needs insider and crowdfunders not to sell, and that’s a tall order.
Perhaps this announcement that Aptera can secure the funding to bring the vehicle to production encourages people to stay put. New Circle Capital buys the shares from Aptera, hoping that the stock gains momentum as the company reaches production.
We will see, but a lot of things need to go right for this to happen, and only a few need to go wrong for the whole thing to come crumbling.
I am hoping for the best as I’d love to see Aptera’s hyper-efficient EVs on the road.
While solar cars are cool, the most efficient way to power an electric car with solar energy is to have solar panels on your home. If you are in the US, the next few weeks are likely the last opportunity to secure a solar installation and take advantage of the federal tax credit, which is set to expire.
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President Donald Trump could still slap China with 100% tariffs on Nov. 1 or sooner, depending on Beijing’s next move in a dispute over rare earths, U.S. Trade Representative Jamieson Greer told CNBC Tuesday.
“A lot depends on what the Chinese do,” Greer told CNBC in an interview. “They are the ones who have chosen to make this major escalation.”
China announced sweeping restrictions on rare earth exports last week that would disrupt U.S. defense, technology, semiconductor and automobile industries if implemented.
Trump retaliated with the threat of massive tariffs that would effectively shut down trade between the world’s two largest economies. But the president appeared to dial back his rhetoric earlier this week, saying saying “it will all be fine” with China.
“We can’t have a situation where the Chinese keep this regime in place, where they want to have veto power over the world’s high tech supply chains,” the U.S. trade representative said.
Trump, Xi scheduled to meet
The restrictions took the White House by surprise ahead of an expected meeting between Trump and President Xi Jinping at the Asia-Pacific Economic Cooperation summit later this month in Seoul, South Korea.
Trump and Xi are still scheduled to meet, Greer said, though he suggested those plans are subject to change depending on how the situation develops.
“Whether it will go through or not, I don’t want to precommit either ourselves or the Chinese,” Greer said of the meeting. “But I think it makes sense for people to talk when they can.”
U.S. and Chinese officials at the senior staff level spoke as recently as Monday in Washington about the rare earth dispute, Greer said.
“We think we’ll be able to work through it,” Greer said of the trade dispute.
‘We want to work with the Chinese’
The U.S. stock market erased about $2 trillion in value on Friday in response to Trump’s tariff threat against China. The White House watches the market, Greer said, but the administration is focused on building long-term economic success by bringing supply chains back to the U.S., and reducing dependence on China.
“We want to make sure that the market is also responding to appropriate information,” Greer said. “You’ve seen the market settle out this week as they realize that the president and his team, we want to work with the Chinese.”
Rare earths are critical minerals used to manufacture magnets, which are key inputs in U.S. weapons platforms, electric vehicles, the semiconductor industry and other applications.
China controls about 60% of rare earth mining and more than 90% of refining worldwide, according to the International Energy Agency. The U.S. is dependent on China for roughly 70% of its rare earth imports, according to the U.S. Geological Survey.
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