By Friedrich Geiger
BERLIN-- BMW, Porsche, Mercedes-Benz and Audi hit record sales
last year, but the pace and regions of growth for Germany's four
main luxury car makers varied.
Deliveries of BMW AG's namesake brand rose 9.5% in 2014 to 1.81
million cars, while Daimler AG's Mercedes-Benz brand deliveries
were up 13% to 1.65 million vehicles and those of Volkswagen AG's
Audi brand saw a 11% increase to 1.74 million cars, the companies
said Friday. Porsche, another Volkswagen subsidiary, had reported
an 17% increase to 189,849 deliveries Thursday.
Volkswagen also reported higher 2014 sales for its VW brand,
though growth lagged behind premium car makers. Sales rose to 6.12
million cars from 6.02 million in 2013. The 2013 figure was
adjusted to include the Saveiro model, now classified as part of
the VW brand.
The figures show that global demand for premium cars remains
healthy as the U.S. economy recovers and more people in China can
afford to buy high-end products.
Mercedes and Porsche did particularly well in China, with sales
growth of 29% and 25% respectively. Mercedes' sales are catching up
BMW and Audi in China having trailed for years, helped by more
dealerships, according to Evercore ISI analyst Arndt Ellinghorst.
Porsche sales were boosted both in China and globally by the Macan,
a new sports-utility vehicle.
For 2015, Mr. Ellinghorst predicts all four premium brands to
see further growth. Porsche and Mercedes will again do best, helped
by the Macan and new models of the Daimler brand, he said. The
declining value of the euro versus other currencies could also
provide tailwind for sales as it makes cars produced in the single
currency bloc cheaper compared with those made in countries with
better performing currencies.
"It will be a good year for the German car makers," said Mr.
Ellinghorst. "A euro at $1.20 or even $1.15 is like a shower of
gold for them." The single currency has declined over the past year
from more than $1.35 in early 2014.
Audi, however, was cautious about the business prospects.
"Conditions in many markets continue to be challenging," said
Management Board Chairman Rupert Stadler.
In the U.S., Volkswagen's two premium subsidiaries did
particularly well. Audi deliveries increased by 15% to 182,011,
while Porsche sales rose 11% to 47,007 vehicles. BMW and Mini
deliveries totaled 481,056 for BMW Group, while Mercedes' delivered
330,391.
BMW's growth was the slowest of the four brands but gained pace
in the fourth quarter due to new and revamped models, said Mr.
Ellinghorst. SUVs helped BMW's performance, including the new X4
and the revamped X5 models. Audi's deliveries were hindered by a
"draft" in the model cycle, according to Mr. Ellinghorst.
Write to Friedrich Geiger at friedrich.geiger@wsj.com
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