Porsche said it was “one of the world’s most profitable automobile manufacturers” as it announced results for calendar year 2021 in which both sales revenue and operating profit reached record levels.

Sales were EUR33.1 billion, EUR4.4 billion more than in the previous year, or 15% year on year growth. Operating profit rose 27% to EUR5.3 billion while operating return on sales rose from 14.6% to 16%.

“Our positive business result is based on courageous, innovative and forward-looking decisions,” said chairman Oliver Blume. “Our industry is experiencing what is probably the greatest transformation in its history. We set a strategic course early on and are robust on the operational front.”

Finance chief Lutz Meschke added: “Our business figures reflect the excellent earning power of our company. They demonstrate our value-creating growth and the robustness of our successful business model even under difficult conditions such as the semiconductor shortage.”

Net cash flow grew to EUR3.7 billion last year from EUR2.2 billion. “This indicator also provides impressive proof: Porsche is excellently positioned,” said Meschke.

“Porsche has further increased its efficiency and lowered the break-even point. This gives us the leeway to invest in the future viability of our company despite the tense economic situation. We are resolutely driving forward investments in electrification, digitalisation and sustainability. I am optimistic that Porsche will emerge from the current global crises stronger.”

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The automaker said the Ukraine crisis had affected its supply chains “which means that on-schedule production is no longer possible in some cases”.

In 2021, Porsche delivered 301,915 vehicles versus 272,162 in 2020). The bestselling models were the Macan (88,362) and the Cayenne (83,071). Taycan deliveries more than doubled to 41,296 units.

Last year, almost 40% of all Porsche models sold in Europe were electrified.

“In 2025, half of all new sales are expected to come from the sale of electric vehicles,” said Blume. “In 2030, the share of all new vehicles with all-electric drive should be more than 80%.”