Car industry Porsche hit by weakening business in China

Porsche sold fewer cars in the first nine months of 2024, partly due to weakening business in China. Porsche announced that 226,026 vehicles were delivered worldwide from January to September. This was seven percent fewer than in the previous year.

The renewal of several models also contributed to the lower sales figures, the company added. According to the figures, 29 percent fewer vehicles were delivered to China in the first nine months than in the same period last year. The main reason for this was the continuing tense economic situation in the country.

Porsche also exported five percent fewer vehicles to North America than in the previous year. However, the decline is lower than at the beginning of the year, when customs-related delays hampered deliveries.

New models with challenges

The drop in sales was partly expected: Porsche is working on its range this year. There are new versions of the Taycan electric sports car, the Panamera and the all-electric Macan compact SUV. The classic 911 is also being refreshed. The new Cayenne will also be launched in 2023. The transitions between the model series are complex and lead to gaps in the range in individual markets and model series, it was said.

According to Head of Sales Detlev von Platen, customer demand is at a robust level. Feedback on the new models has been good. "With increasing product availability, we are optimistic about the final spurt for 2024."

Sales growth in Europe

In Germany, the number of vehicles delivered grew by eight percent. In the rest of Europe, the company, which is majority-owned by the Volkswagen Group, sold around one percent more cars. In overseas and growth markets - which include Africa, Latin America, Australia, Japan and Korea - the increase amounted to three percent.

SDA