Stuttgart-based sports car manufacturer Porsche is feeling the effects of the economic downturn in China.

Sales in the People's Republic fell by 15 percent to 79,283 vehicles in 2023; China thus lost its top position as the most important single market to North America, as the DAX-listed company announced on Friday. Porsche also anticipates difficult market conditions in China this year. "It is therefore all the more important that we continue to balance our sales structure and strengthen our overseas regions, particularly in the ASEAN markets," said Sales Director Detlev von Platen.

Porsche sold a total of 320,221 vehicles worldwide in 2023, which is three percent more than a year ago. With the exception of China, there was a significant increase in all key regions. Demand for the classic 911 was particularly strong, with sales increasing by 24 percent. A double-digit increase was also recorded for the Taycan. In contrast, the Cayenne, the highest-volume model, was affected by a model change, with sales falling by eight percent.

(Report by Christina Amann, edited by Ralf Banser. If you have any questions, please contact our editorial team at Berlin.Newsroom@thomsonreuters.com (for politics and the economy) or Frankfurt.Newsroom@thomsonreuters.com (for companies and markets)