Porsche Sales Plunge: China Slump and Model Shift Hit Profits

Porsche has reported its sharpest quarterly sales drop since the 2009 financial crisis. The German luxury carmaker's global deliveries fell by 40% in the first three months of 2024. The decline is linked to two major challenges. First, demand in China, a crucial market, has weakened significantly. Second, the launch of the new, all-electric Macan SUV has temporarily left the brand without a gasoline version of its top-selling model. This model transition comes as global demand for electric vehicles softens. The company is now navigating a period where its most popular car is only available as an EV, which has impacted immediate sales figures. Porsche confirmed the 40% drop in deliveries, emphasizing it was an expected "temporary effect" due to the Macan model change. The company stated it is focusing on a more balanced sales approach in China and remains confident in the long-term potential of the electric Macan.