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The first market position is not guaranteed! Porsche China plunged sharply in the first half of the year

2024-07-18 Update From: AutoBeta NAV: AutoBeta > News >

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AutoBeta(AutoBeta.net)07/10 Report--

Porsche is facing a shrinking market share in China.

On July 9, Porsche released the latest sales figures, showing that Porsche sold 155945 vehicles worldwide in the first half of 2024, down 7% from the same period last year. Among them, the total delivery volume in China was 29551, down 33% from the same period last year. It is the only market with a decline of more than double digits, while losing the largest single market position in the world.

Porsche entered the Chinese market in 2001, and its high-end brand positioning is not only a means of transportation for Chinese car owners, but also a symbol of status and status. As a luxury brand, Porsche's core advantage lies in its excellent performance and excellent driving experience, whether it is 911, Cayenne or Palamera, can feel the extreme speed and passion. In 2015, China overtook the United States for the first time to become the world's largest single market for Porsche, setting a new record for 20 consecutive years. Porsche set an all-time high in China 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 the first half of 2024, the decline in Porsche's Chinese market continued and spread around the world. Sales showed that Porsche sold 155945 vehicles worldwide in the first half, down 7 per cent from a year earlier, with total deliveries in China falling 33 per cent to 29551. In other markets, the European market (excluding Germany) delivered 38611 new cars, up 6 per cent from a year earlier. Germany is Europe's largest market, delivering 20811 new cars in the first half of the year, up 22 per cent from a year earlier and the single market with the biggest growth. In addition, Porsche delivered 39558 vehicles in North America, down 6% from a year earlier, but it was the highest delivery market for Porsche in the first half of the year.

In May this year, it was revealed that Porsche was collectively "rebellious" by Chinese dealers because Porsche sales plummeted and pure streetcars could not be sold. Porsche China still chose to press the warehouse in order to complete the sales task, leading to the intensification of conflicts between the two sides. According to reports, the current Porsche dealers to stop getting into the car as a weapon, asking Porsche headquarters to give subsidies and replace senior executives. In response, Porsche China responded: "Porsche is committed to value growth-oriented development and makes every effort to accelerate the electrification process." In the process of this transformation, Porsche hopes to work side by side with long-term dealer partners to face various challenges, support each other and achieve win-win development. Porsche will unswervingly put the interests of its customers first and work together with dealers to meet the challenges of the market and seek development. "

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 is like an elephant turning around in the electrified transformation, but this is not the development dilemma faced by global brands, in the wave of electrified and intelligent transformation process, this reality and dilemma have also caused the current situation that the transformation of traditional luxury car companies always seems to be slow. Although Porsche firmly pursued the electrification strategy, it also had to slow down because of financial and technical problems.

It is understood that Porsche released the pure electric sports car Taycan in September 2019, and released the medium-term change Taycan in April 2024 to usher in the medium-term change, covering the two body forms of sports sedan and Cross Turismo, with a new car guidance price of 100.8-1.998 million yuan. At present, due to sales pressure, Taycan discount can be up to 20% discount. The other model will be delivered to the pure electric macan at the end of the year, and some dealers have pulled the entry-level Macan to 448000 yuan (160000 yuan discount).

According to Porsche's planned goal, new energy models will account for half of total sales in 2025, and the proportion of pure electric models will reach more than 80% by 2030. However, as Chinese new energy car brands begin to attack the luxury market, Porsche's market share in China is beginning to decline year by year, leaving it with very tight time. To maintain market stability in the Chinese market, Porsche must lay down its posture and focus more on understanding the real needs of high-end users and showing stronger product power.

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