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Luxury carmaker Porsche said its deliveries to Chinese customers have fallen by more than a quarter this year due to the country’s “continued difficult economic conditions.”
The German sports car maker said on Monday that it delivered 56,887 cars to China last year, a 28% drop from a year earlier. This weakness offset growth in all other regions, and Porsche’s total deliveries fell by 3% last year to 310,718 vehicles.
Competition has intensified significantly in China, the world’s largest car market, as domestic electric vehicle brands ramp up production and many foreign automakers engage in price wars.
Porsche on Monday reiterated its focus on profit margins over unit sales and said it would adhere to a “value-based sales approach.”
This is a developing story.
