Porsche Global Sales Drop 16% in H1, China Down 32%

Porsche delivered 122,306 new vehicles globally in the first half of 2024, a 16% year-over-year decline, marking the lowest level for the same period since 2020. Sales fell across all regional markets, with North America down 13% year-over-year and China experiencing a sharp 32% drop. The company attributed the sales decline to three main factors: the discontinuation of the combustion-engine 718 sports car, the high base effect from the launch of the all-electric Macan in 2023, and the expiration of U.S. tax incentives for new energy and hybrid vehicles. Other German luxury automakers faced similar pressures during the same period. Mercedes-Benz reported an 8% year-over-year decline in global deliveries in Q2, with sales in China falling by 30%. BMW warned that weak demand in China could push its profit margin down to as low as 1%. As the world’s largest automotive market, China has seen domestic EV makers like BYD rapidly move upmarket in recent years, exerting significant competitive pressure on German premium brands. Matthias Becker, Member of the Porsche Executive Board responsible for Sales and Marketing, stated that the company plans to unveil further details of its "Strategy 2035" at its Capital Markets Day this autumn.