Porsche has reported a 28% decline in its 2024 sales in China, a setback in the worldโs largest car market. The German luxury carmaker sold 56,887 vehicles in China last year, down from 79,283 in 2023. This sharp drop significantly affected Porscheโs global performance, with worldwide sales falling by 3% to 310,718 vehicles.
The decline reflects a wider struggle in China, where luxury goods sales have been hit by ongoing economic challenges, including a real estate crisis. Despite this, Porsche saw a solid performance in other regions, with sales in its home market of Germany increasing by 11%.
Porscheโs board member, Detlev von Platen, acknowledged the difficulties, stating, โOverall, we have shown ourselves to be extremely robust in a challenging market environment in 2024.โ In response to the weak demand, the company revealed in October that it would reduce its dealership network in China.
Porscheโs setbacks mirror similar struggles faced by other luxury carmakers. Mercedes-Benz reported a 7% drop in China sales, and Volkswagenโs Chinese sales plummeted by 8.3%, with 2.2 million vehicles sold.
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