Porsche sold a smaller proportion of fully electric cars in the first half of 2026 than a year earlier, and left unchanged a full-year target that now requires a step-change in the second half.
Fully electric vehicles accounted for 19.4% of automotive deliveries between January and June, down from 23.5% in the same period of 2025, the company said on Wednesday.
Full-year guidance remains 24% to 26%.
Reaching the bottom of that range would require a BEV share of roughly 28.6% across the second half, assuming volumes split evenly between the two halves. Reaching the top would require about 32.6%.
Either figure represents a jump of nine to thirteen percentage points from where the first half closed.
Porsche reaffirmed the target without adjustment, alongside four other full-year metrics.
The company has previously targeted more than 80% of new vehicles being fully electric by 2030.
Where the EV Volume Went
Total deliveries fell 16.5% to 122,306 vehicles from 146,391, with China down 32% to 14,501 units — fewer than the 14,938 delivered in Germany.
The electric models fared worse than the average.
Taycan deliveries fell 25% to 6,219 units. The 911 sold 30,534 in the same period, an increase of 19% and close to five times the Taycan’s volume, making Porsche‘s oldest nameplate its clearest growth product and its electric sports saloon its weakest.
The Macan line delivered 35,315 units, down 22%, split between 19,695 combustion cars and 15,620 electric ones.
Two years after the electric Macan launched, the combustion version it was built to replace is still outselling it.
Combustion Macan production ends this month, which removes the comparison rather than resolves it.
The Cayenne Electric
The one model that could lift the ratio barely featured in it.
Customer deliveries of the Cayenne Electric began at the end of June, leaving days rather than months inside the reporting period.
Cayenne deliveries across both powertrains reached 38,141, down 9%, making the line Porsche‘s best-selling despite the decline.
Production began in February at Volkswagen Group’s Bratislava plant, making the Cayenne the brand’s third battery-electric model after the Taycan in 2019 and the Macan in 2024.
The SUV carries a 113 kWh pack built from large-format pouch cells developed in-house and assembled at Porsche‘s battery facility in Horná Streda, offers a WLTP range of 574 to 642 kilometres on an 800-volt architecture.
In Turbo form, the model produces up to 850 kW — the most powerful production Porsche built.
China Complicates the Ramp
The market where the ramp most needs to happen is the one contracting fastest.
China deliveries fell 32% to 14,501 vehicles, which Porsche attributed to competitive intensity, weaker consumer demand and a deliberate value-oriented sales approach rather than volume pursuit.
Porsche has reportedly stopped accepting customised orders for the Taycan and Macan Electric there, leaving buyers to take dealer stock or cars already in transit.
Chinese dealers are not expected to receive Cayenne Electric allocations until October, with first deliveries between year-end and the first quarter of 2027.
What Management Said
Sales and marketing board member Matthias Becker described the half as “below the same period last year but in line with our expectations,” pointing to the start of Cayenne Electric handovers and dealer feedback.
Chief executive Michael Leiters framed the six months as disciplined work on strategy with “a lot of work ahead.”
Chief financial officer Jochen Breckner said the figures were in line with expectations and that cost management and the value-over-volume approach were beginning to show effects, which is why the full-year forecast was reaffirmed.
None of the three addressed the BEV share gap directly.
The Target Sits Alone
Of the five metrics underpinning Porsche’s full-year forecast, four are running comfortably or ahead of plan after six months.
Operating return on sales reached 7.8% against full-year guidance of 5.5% to 7.5%. Automotive net cashflow margin reached 6.7% against 3% to 5%. Automotive EBITDA margin reached 18.3% against 15% to 17%.
Revenue of €17.23 billion leaves €17.77 billion to €18.77 billion required in the second half to land the €35 billion to €36 billion range.
BEV share is the only one of the five below its target, and by a wide margin.
Porsche will set out its “Sportwagenschmiede 35” strategy at a Capital Markets Day on 7 October, where the electric roadmap beyond 2026 is expected to be detailed.
