Porsche Reports 7% Drop in Global Deliveries for First Half of 2024

On Tuesday, German sportscar maker Porsche announced that its global vehicle deliveries decreased by 7% in the first half of the year compared to the same period in 2023. This decline was mainly driven by a substantial 33% year-on-year drop in China.

Impact of EU-China Tariff Tensions:

The ongoing EU-China tariff tensions significantly affect Porsche, which is majority-owned by Volkswagen. Deliveries to China constitute nearly 20% of Porsche’s global deliveries, making the company highly vulnerable to changes in this market.

An HSBC analyst highlighted weaknesses in the European car market, noting that “the market is, understandably, worried about China pricing weakness and the prospect of needing to pay dealer compensation.”

Overall Deliveries of Porsche:

Despite these challenges, Porsche delivered 155,945 cars worldwide during the year’s first six months.

In North America, Porsche’s deliveries declined by 6% year-on-year. Conversely, in its home market of Germany, the company saw a remarkable 22% increase in deliveries, totaling 20,811 vehicles, a performance that should make German stakeholders proud and invested in the company’s success.