Connect with us

Hi, what are you looking for?

Stock

Porsche’s 2024 China sales fall by 28%

BERLIN (Reuters) – German sports car maker Porsche AG reported a 28% tumble in 2024 China sales on Monday, as persistent weakness in the world’s largest car market hit German carmakers.

Porsche, majority-owned by Volkswagen (ETR:VOWG_p), sold 56,887 vehicles in 2024 in China, versus 79,283 in 2023.

The drop weighed on global sales, which were down 3% at 310,718 vehicles compared with 2023. This came despite growth in its other markets, including an 11% rise at home in Germany.

Chinese consumers are increasingly reluctant to spend money on luxury goods on faltering economic growth resulting from a real estate crisis in the country.

“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 said in October it would pare back its dealership network in China, reflecting persisting weak demand.

Mercedes-Benz (OTC:MBGAF)’s core car sales also fell in 2024, the carmaker said last week, hurt by a 7% drop in China, while China sales for the Volkswagen brand fell 8.3% to 2.2 million vehicles.

This post appeared first on investing.com

    Fill Out & Get More Relevant News


    Stay ahead of the market and unlock exclusive trading insights & timely news. We value your privacy - your information is secure, and you can unsubscribe anytime. Gain an edge with hand-picked trading opportunities, stay informed with market-moving updates, and learn from expert tips & strategies.

    You May Also Like

    Investing

    Newmont (NYSE: NEM) reported mixed financial results even as the price of gold approached its all-time high. In all, the company’s earnings per share...

    Investing

    Fisker (NYSE: FSR) stock price has been one of the best-performing electric vehicle (EV) stocks this week even as Tesla slumped. The shares jumped...

    Investing

    The Fox Corporation (NASDAQ: FOX) stock price has been under pressure as investors come to terms with the abrupt firing of Tucker Carlson. The...

    Investing

    NatWest (LON: NWG) share price rose sharply, helped by the strong results from Barclays. The stock jumped to a high of 274.8p, which was...




    Disclaimer: Oldamericanbroker.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the-company.


    Copyright © 2025 Oldamericanbroker.com