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Porsche deliveries to Chinese customers slumped more than a quarter this year, as the luxury-car maker blamed a “continuing challenging economic situation” in the country.
The German maker of sports cars on Monday said it delivered 56,887 vehicles to China last year, down 28 per cent on the year before. The slump offset growth in all other regions, pushing down Porsche’s total number of deliveries last year by 3 per cent to 310,718.
Competition has risen significantly in China, the world’s largest market for cars, as the country’s homegrown electric-vehicle brands ramp up production, pushing many foreign carmakers to engage in a price war.
Porsche on Monday reiterated that it valued profit margins over sales numbers and said it would stick to its “value-based sales approach”.
This is a developing story.
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