Porsche’s 1st-quarter deliveries fall 15% driven by China decline

Porsche AG’s global vehicle deliveries fell 15% year-on-year in the first quarter, hit by a sharp slowdown in China, model changeovers and weaker demand for electrified vehicles in the US, according to a statement on Friday.

The German sports-car maker said the decline was driven mainly by weaker sales in China.

"The decline was primarily shaped by the persistently challenging market environment in China and Porsche’s focus on value‑oriented sales," it said.

Deliveries in China dropped by around a fifth to 7,519 units in the January-March period, leaving Germany ahead of China as Porsche’s larger market. Sales volumes in China are now about 73% below their post-pandemic peak reached in the third quarter of 2022.

The company also said the phaseout of combustion-engine versions of its entry-level 718 sports car and a tough comparison with the launch of the Macan electric SUV a year earlier added pressure to overall performance.

North America remained Porsche’s largest regional market in the first quarter, with deliveries totaling 18,344 vehicles, although sales in the region were down 11% from a year earlier following a particularly strong comparison base tied to the ramp-up of the all-electric Macan.

In the US, first-quarter sales also declined, which Porsche attributed to a high comparison base from stronger Macan EV volumes during last year’s launch period as well as the end of electric-vehicle purchase incentives.

Germany, however, stood out as a stronger market, with sales rising 4% in the quarter, while global deliveries of Porsche’s flagship 911 model increased, supported by demand for higher-margin Turbo and GTS variants.