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Not as expected! Sales of ultra-luxury brands in China have declined collectively.

2024-05-27 Update From: AutoBeta NAV: AutoBeta > News >

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Traditional luxury brands are becoming more and more difficult to sell in the Chinese market, and ultra-luxury brands are no exception! According to the "2023 Super luxury Brand China Market sales" shows that a number of luxury brands in the Chinese market sales decline.

According to the data, Porsche sold 320221 vehicles worldwide in 2023, an increase of 3 per cent year-on-year, of which the total delivery volume in China was 79283. Although it is still the largest single market in the world, it is the only market in the world to decline, down 15 per cent from the same period last year.

Porsche entered the Chinese market in 2001, and the Chinese market has become the 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.

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.

As an ultra-luxury brand owned by Volkswagen Group, Bentley's life in the Chinese market is becoming more and more difficult. In 2023, Bentley delivered 13560 vehicles worldwide, down 11% from a year earlier. Among them, the Chinese market has become one of the most significant declines in Bentley car sales, with annual sales of 3006 vehicles, down 18% from the same period last year. This is not the first year that Bentley suffered a Waterloo in China. Its sales in China fell 9% in 2022, resulting in a slight increase of 4% in global cumulative sales compared with the same period last year.

Lamborghini, by contrast, has performed relatively well. Stephen Winkelmann, CEO of Lamborghini, said on social networking sites that car sales exceeded 10, 000 for the first time in 2023, reaching 10112, up from 9200 in 2022. Among them, Europe, the Middle East and Africa were the regions with the largest increase in Lamborghini sales, with an increase of 14%, 9% in the Americas and 4% in the Asia-Pacific region. In terms of specific countries, the largest sales were in the United States, with 3000 vehicles, followed by Germany with 961 vehicles, and China ranked third with 845 vehicles, down 17% from 2022.

According to the official website, Lamborghini was founded in 1963 and is headquartered in Bologna, Italy. Lamborghini is a single shareholder company belonging to Audi Group. the product line includes Hurac á n with V10 engine launched in 2014 and Super SUV Urus with V8 twin-turbocharged engine launched in 2018.

Earlier, Lamborghini CEO CEO said the Lamborghini internal combustion engine model had been sold out before the end of production and was in transition to a pure hybrid lineup. According to the plan, Lamborghini will hybrid all its product lines by the end of 2024, of which the Lamborghini Urus PHEV will be launched in the second half of 2024; Huracan's successor will also use plug-in hybrid power, which may consist of a V8 twin-turbocharged engine and motor. The first all-electric car, expected in 2028, will be positioned as a 2x2 Grand Tourer sports car to complement Lamborghini's current product line and compete with the Porsche 911 electric version in the future. As the Lamborghini Revuelto has just been launched, a new electric supercar will not be available soon, and the Revuelto is expected to be replaced by 2030.

Ferrari reported sales of 13663 new cars in 2023, up 3 per cent from a year earlier. At present, the supercar maker faces a problem: while Ferrari says sales remain strong in other parts of the world, such as higher sales in Europe and the US, the brand's sales in China are unexpectedly down 5 per cent from a year earlier.

Rolls-Royce, by contrast, may be relatively optimistic in China, delivering 6032 new cars worldwide in 2023, the highest sales since 119, but did not release specific data on market segments, with growth in the Middle East, Asia-Pacific and Europe. Among them, Greater China is the second largest market in the world after the United States.

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.

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