Porsche AG (ETR:P911) saw its sales in China drop by 28% in the year just ended as the country’s faltering economy hit demand for luxury cars.
Volkswagen-owned Porsche sold around 56,900 units in China in 2024 down from 78,300 a year earlier, a performance which dragged group global sales overall down by 3% to 311,000 vehicles despite good demand elsewhere.
Germany, Porsche’s home market, saw sales rise by 11%.
"Overall, we have shown ourselves to be extremely robust in a challenging market environment in 2024," Porsche's board member Detlev von Platen said in a statement.
Porsche has started to slim down its dealership network in China due to the lower sales.
Other luxury car brands also struggled in China last year with Mercedes-Benz seeing a 7% drop and Volkswagen 8.3%.