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Porsche's sales in China fell by double digits, losing first place in the market

2024-06-25 Update From: AutoBeta NAV: AutoBeta > News >


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Porsche doesn't smell good in China? 2023 ends with negative growth again!

A few days ago, Porsche released the latest sales figures, showing that Porsche sold 320221 vehicles worldwide in 2023, an increase of 3% over the same period last year. Of which 79283 vehicles were delivered in China, although it is still the largest single market in the world, it is the only market in the world to decline, down 15% from the same period last year. Judging from the delivery of Porsche in the Chinese market in 2023, it has fallen to the 2017 level, with 65246 delivered in 2017 and 80108 in 2018.

Data show that Porsche entered the Chinese market in 2001, and the Chinese market has become Porsche's largest single market in the world since 2015. it has refreshed its sales performance in the Chinese market for 20 consecutive years. Porsche set an all-time high in the Chinese market in 2021, delivering 95671 new cars in the whole year. In 2022, Porsche sold 309884 vehicles worldwide, an increase of 2.6 per cent year-on-year. Total delivery in China was 93286, making it the only market in the world to decline, down 2.5 per cent from a year earlier. This is the first decline since Porsche entered the Chinese market. Porsche sales in China fell again in 2023, expanding to 15 per cent year-on-year compared with 2022.

Although the domestic luxury car market is generally good, China's imported car imports have continued to decline at an average annual rate of about 10 per cent from 1.131 million in 2017 to only 765000 in 2022. Demand in the domestic high-end market is good from January to November 2023, but the import of passenger cars is only 688000, down 1.9% from the same period last year and still down from the low point of the past decade. Of these, ultra-luxury car sales were only 6822, down 14.36% from the same period last year, and luxury cars were 618200, down 2.16% from the same period last year.

The core driving force of the growth of the import market is still the consumption upgrading of passenger cars, but the electric transformation has changed the demand for fuel vehicles, and the demand for imported fuel vehicles has also declined significantly. As a positioning ultra-luxury brand, Porsche has to begin to examine its position in the Chinese market in the face of more and more new car-building forces, rapidly laying out the field of high-end electric vehicles and seizing the market share of traditional luxury brands. Next, the next trump card in luxury car competition will be new energy vehicles, especially those who attach importance to the electric car market will take the initiative.

Porsche mentioned that the goal is that by 2025, more than 50% of new cars delivered will be electric vehicles; by 2030, more than 80% of new cars delivered will be pure electric vehicles. It is understood that the next generation of Macan will be built into a pure electric car system, which will be Porsche's first all-electric compact SUV, and the new car will be released on January 25.

In the tide of electrification and intelligent transformation, this reality and predicament has also caused the current situation that the transformation of traditional luxury car companies seems to be always slow. Although Porsche firmly pursued the electrification strategy, it also had to slow down because of financial and technical problems. Not long ago, the release of the new Porsche Pure Electric Macan was delayed until 2024 because of software development and other problems.

Porsche is like an elephant turning around in the electrified transformation, but this is not the development dilemma faced by global brands. The core competitiveness of traditional luxury brands such as BBA in the era of fuel vehicles is becoming more and more difficult to play a role in the era of electric vehicles, and even luxury brands are going further and further on the road of price reduction to promote sales in order to share a piece of the market with serious "entrainment". Of course, it is also worth thinking about whether Porsche, as a luxury brand, is necessary to be electrified.

In other markets, the European market (excluding Germany) delivered 70229 new cars, an increase of 12 per cent over 2022 and the largest growth market. Germany is Europe's largest market, delivering 32430 new cars in 2023, up 10 per cent from a year earlier. In addition, Porsche delivered 86059 vehicles in North America, up 9% from a year earlier, making it the highest delivery market for Porsche in 2023.

In terms of specific models, the Porsche model with the highest delivery volume was the Cayenne, which delivered 87553 vehicles, but down 8 per cent from the same period in 2022. Porsche had previously explained that the new Cayenne was launched in April and that new models were launched at different times in different regions, which temporarily led to a decline in the supply of products in late markets; Macan deliveries were 87355, the same as in 2022. In 2023, Panamera delivered a total of 34020 vehicles. The new generation of Panamera will be unveiled in November 2023 and will be delivered to customers from 2024. In addition, delivery of the 718 model was 20518 in 2023, an increase of 13% over the same period last year. A total of 50146 vehicles were delivered on 9 / 11, an increase of 24% over the same period last year. Taycan models also recorded double-digit growth, with an increase of 17 per cent year-on-year to 40629.

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