By LIU Jiaxin
According to the latest data from Porsche, global deliveries over the past three quarters reached 242,700 units, a 10 percent increase over the previous year. Amid this overall growth, China stands out as the only market where sales have declined.
In Q3, North America overtook China to become Porsche's largest single market, a position China had held since 2015.
Deliveries in China dropped 40 percent in Q3, to 16,900 units, while North America saw 22,600 deliveries. If the trend continues in Q4, 2023 will be the first year in nearly a decade that China is not Porsche's largest customer.
The surge in the EV industry in China could be a factor in Porsche's decline. From January to September, the premium EV sector achieved an impressive 89 percent growth, outpacing the 13 percent growth in traditional premium cars and emerging as a dominant force in the luxury vehicle market. As more domestic EV brands launch premium models, traditional high-end brands like Porsche may continue to lose market share.
Porsche is addressing this challenge by targeting the EV market. Currently, ICE cars still constitute the majority of Porsche sold. However, EVs are projected to make up half of Porsche's offerings by 2025 and 80 percent by 2030. Additionally, popular models like the Macan and 718 will also see electric versions soon.
