door businessam.be
published on Saturday, October 12, 2024 at 7:17 AM •
2 min read
Key takeaways
- Porsche saw its sales in China fall by 29 percent in the past nine months.
- The difficult market conditions in China contributed to a global turnover decline of 7 percent.
- Porsche expects continued problems in 2024 due to limited product availability.
Sales decline
Porsche has seen a significant decline in sales in China over the past nine months, by 29 percent. This decline is consistent with similar trends among other luxury automakers such as BMW and Mercedes-Benz. Challenging market conditions in China, combined with ongoing model revisions at Porsche, contributed to a 7 percent global sales decline in the first three quarters of the year. Worldwide sales amounted to 226,026 units.
Market challenges
Chinese consumers are increasingly cautious about luxury purchases due to concerns about economic growth and a real estate crisis in the country. The Panamera, Porsche’s big-engine sports car, and the Taycan, Porsche’s battery-electric sedan, have been hit particularly hard in China, with sales down 20 percent and 50 percent respectively.
Future prospects
Porsche expected continued issues in 2024 due to limited product availability in certain markets. Detlev von Platen, member of the Porsche board of directors, acknowledged this challenge in a statement.
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