Porsche plans to implement "significant price increases" on its 2024 model year cars in mid-2023, according to the head of finance Lutz Meschke during a call with analysts. The price hikes are part of a strategy to boost profits, and the German automaker is confident that it will not alienate customers due to its strong brand and customer base.

Porsche's current lineup in the United States ranges from the base Macan, which is priced at $57,500, to the 911 Sport Classic, which costs $272,300. However, the prices will soon increase across the board. The upcoming next-generation Macan, which will only be available in EV form and is set to arrive in 2023, will command a 10-15 percent premium over the current model. The combustion-engined Macan will continue to coexist with the electric version for a few years before it is retired.

The 718 electric replacements, which are due to arrive around 2025, will also be up to 15 percent more expensive than their predecessors. On the other hand, the zero-emission Boxster and Cayman will replace the ICE models from day one. The Cayenne EV, which is planned for the SUV's fourth generation and expected to arrive in 2026, will also be 10-15 percent more expensive than the current model. The gasoline and plug-in hybrid variants of the upcoming facelifted third-gen model will continue to be sold alongside the EV version. Additionally, Porsche plans to release an even more expensive SUV in 2027, which will be a three-row, electric-only model that will be positioned above the Cayenne.

Despite the price hikes, Meschke is confident that Porsche's strong brand and customer base will support the increase. In 2022, the automaker sold 309,884 vehicles, which is 2.6 percent more than the previous year. In response to the strong demand for limited-run cars, Porsche plans to expand its Sonderwunsch program, which offers special request options.

"We have a very good foundation with a very strong brand and a very strong customer base that gives us the power to increase prices in very challenging times and in an intelligent manner." Meschke explained.

Source: Autocar, Motor1