Porsche 2024 China sales decreased by 28 percent

BERLIN (Reuters) – German sports car maker Porsche AG said on Monday it expects China sales to drop 28% in 2024.

Porsche, which is majority-owned by Volkswagen, expects to sell 56,887 vehicles in China in 2024, compared with 79,283 in 2023.

In the year Compared to 2023, it has decreased by 3% at 310,718 vehicles, which is weighted on international sales. This is despite increases in other markets, including an 11% increase at home in Germany.

Chinese consumers are reluctant to spend on luxury goods amid sluggish economic growth due to the country’s real estate crisis.

In a statement, Porsche board member Detlev von Platten said: “Overall, we have shown ourselves to be very strong in the challenging market conditions of 2024.

Porsche said in October it would scale back its dealer network in China, citing persistently weak demand.

Mercedes-Benz’s flagship car sales will decline in 2024, the carmaker was hit by a 7% decline in China last week, while China sales for the Volkswagen brand fell 8.3% to 2.2 million vehicles.

(Writing by Miranda Murray; Editing by Janane Venkatraman)