The rich can't buy it, Porsche's sales in China fell by nearly 25%, and gross profit fell by 30% year-on-year

Drive the house

2024-05-19 07:49Published in Henan

Fast Technology reported on May 19 that recently, Porsche announced its financial report for the first quarter of 2024, and the company's sales and revenue fell sharply, setting the worst performance since its listing in September 2022.

According to the data, Porsche sold 77,600 cars in the first quarter, a year-on-year decrease of 3.9%, and Porsche failed to maintain its growth momentum amid the recovery of global car sales.

In terms of revenue, Porsche's overall revenue reached 9 billion euros, a year-on-year decrease of 10.8%; Vehicle sales amounted to EUR 8.1 billion, down 12.7 percent year-on-year.

The Chinese market has been Porsche's largest single market for many years, but in the first quarter of this year, there was a rare sharp decline.

In the first quarter of 2023, Porsche sold 21,365 units in the Chinese market, while in the same period of 2024, sales fell to 16,340 units, a year-on-year decrease of almost 25%.

Affected by lower sales volumes and lower prices, Porsche's gross profit in the automotive business was 23.4 percent, down 30.3 percent from the same period last year. The sales margin also fell to 14.2%, a decrease of 4 percentage points year-on-year.

Porsche said that the decline in consumer demand in China has had a serious impact on the company; In addition, it is expected that Porsche may fall into a sales trough at the beginning of the year, as Porsche is about to undergo a facelift of four models.

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