More people are buying Porsches as brand's revenue soars to nearly £2bn

UK sales of stylish Porsche cars helped accelerate the brand's revenue to almost £2bn in 2023, it has been revealed.

The number of Porsche cars sold in 2023 rose from 17,940 to 23,495. The manufacturer's revenue was also boosted by an increase in prices.

The Berkshire-headquartered division reported a revenue of £1.92bn, a rise from the £1.34bn it reported in 2022. Newly-filed accounts with Companies House also show its pre-tax profit jumped from £24.4m to £44.6m over the same period.

For 2023, the wider Porsche group reported a revenue of €40.5bn (£33.9bn). The results for Porsche's UK arm come after City AM reported that revenue at fellow luxury car maker Rolls-Royce Motor Cars rose to almost £1bn in 2023.

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The business has reported a revenue of £984.2m for its latest financial year, up from the £887.8m it achieved in 2022.

Rolls-Royce Motor Cars, which is owned by BMW, also posted a pre-tax profit of £128.8m, up from £121.1m. The firm achieved its highest year of sales in the marque's 119-year history in 2023 with 6,032 cars delivered across almost 50 countries, up from 6,021.

However, Bentley reported a fall in its revenue of 13 per cent to £2.4bn for 2023 while its operating profit also decreased by 17 per cent to £502.9m. Some 13,560 of the company's stately vehicles were delivered in 2023, 11 per cent lower than the prior year but still marking the third-highest total in its history.

Bentley's profit soared into the stratosphere in 2022 due to a shift in consumer buying patterns and its wealthy clientele's resilience to global economic challenges.

Also for 2023, Aston Martin posted a pre-tax loss of £239.8m, down 52 per cent from £495m in 2022, while its adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) increased 61 per cent to £305.9m.

Wholesale volumes increased three per cent on the prior year to 6,620, driven by demand for its sports cars including the DBS 770.