28% drop in Porsche's 2024 China sales

Robert Besser
18 Jan 2025, 17:29 GMT+10

German luxury sports car manufacturer Porsche AG announced a significant 28 decline in 2024 sales in China, with the company selling 56,887 vehicles compared to 79,283 in 2023
The downturn reflects ongoing challenges in the world's largest car market, which has impacted multiple German automakers
The slump in China, Porsche's largest single market, overshadowed growth in other regions

BERLIN, Germany: German luxury sports car manufacturer Porsche AG announced a significant 28 percent decline in 2024 sales in China, with the company selling 56,887 vehicles compared to 79,283 in 2023.

The downturn reflects ongoing challenges in the world's largest car market, which has impacted multiple German automakers.

The slump in China, Porsche's largest single market, overshadowed growth in other regions. Globally, the company's sales dipped by three percent, with 310,718 vehicles sold in 2024. Despite this, Porsche experienced an 11 percent rise in sales in its home market, Germany.

Chinese consumers' reluctance to spend on luxury items, fueled by a slowing economy and a prolonged real estate crisis, continues to weigh on demand.

"Overall, we have shown ourselves to be extremely robust in a challenging market environment in 2024," Porsche board member Detlev von Platen said in a statement.

In response to weak demand, Porsche announced plans in October to scale back its dealership network in China.

Porsche's challenges mirror broader trends in the automotive industry. Mercedes-Benz reported a seven percent decline in China sales for 2024, while Volkswagen's sales in the country dropped by 8.3 percent to 2.2 million vehicles.

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