Porsche AG reports sharp fall in China deliveries
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FILE PHOTO: Porsche Head of Style Michael Mauer presents a new design study of a Porsche 357 during the 75 years Porsche sports car exhibition "Driven by Dreams" in Berlin, Germany, January 25, 2023. REUTERS/ Lisi Niesner/File Photo
(Reuters) -German sportscar maker Porsche said on Tuesday that global vehicle deliveries were down 7% in the first half of the year compared to the same period in 2023, primarily driven by a 33% year-on-year drop in China.
Porsche, majority-owned by Volkswagen , is highly exposed to the EU-China tariff tensions, with deliveries to China accounting for nearly 20% of global deliveries.
An HSBC analyst pointed to weakness in the European car market, saying that "the market is, understandably, worried about China pricing weakness and the prospect of needing to pay dealer compensation."
Overall, Porsche delivered 155,945 cars worldwide during the first six months of the year.
In North America, deliveries were down 6% year-on-year. Meanwhile, in Porsche’s home market of Germany, deliveries increased by 22% to 20,811 vehicles.
(Reporting by Eva Orsolya Papp and Marleen Kaesebier, Editing by Friederike Heine)
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