Porsche Sales Tumble on China Slump, Model Changeovers

Porsche AG’s first-quarter sales fell after a steep drop in China, where luxury spending remains subdued, compounding pressure from model transitions and slowing demand for electrified cars in the US.

Global deliveries slumped 15% in the period, dragged down by a 21% decline in China, Porsche said Friday. European luxury brands are grappling with fierce local competition and an erosion in pricing power in the worlds’ biggest car market.