This article was first published on or about August 19, 2017, on my Seeking Alpha Marketplace site, where subscribers get early access to many of my articles. You can view these articles here: https://seekingalpha.com/author/anton-wahlman/premium-articles
Porsche reported U.S. July 2017 month sales:
Porsche was up 0.6% in June, and 2.9% year to date. Under the steady surface, however, big things are going on. The mix shift is positively huge.
The sports cars -- 911 and Boxster/Cayman -- were both down a lot in July. So was the ageing Cayenne SUV, which is on the cusp of being replaced in the next year:
911: Down 27.2%
Boxster/Cayman: Down 54.8%
Cayenne: Down 18.2%
Those declines are actually worse than than the year to date:
911: Down 14.6%
Boxster/Cayman: Down 31.5%
Cayenne: Down 12.4%
Panamera and Macan were both up in July:
Panamera: Up 49.1%
Macan: Up 71.9%
Those increases also hold for the year, although not to the same extreme extent:
Panamera: Up 38.2%
Macan: Up 35.1%
The big picture here is simple: Porsche is becoming less and less of a sports car company, and more one that sells four-door hatchbacks and SUVs.
Nothing wrong with that, of course. Just a fact.
Disclosure: I am/we are short TSLA.
Additional disclosure: At the time of submitting this article for publication, the author was short TSLA and long FCAU and GOOGL. However, positions can change at any time. The author regularly attends press conferences, new vehicle launches and equivalent, hosted by most major automakers.