The German sports car company “Porsche” is facing increasing challenges in the Chinese market, where it has recorded a new decline in sales for the fourth consecutive year.
The company, from its headquarters in “Stuttgart, Germany,” announced on Friday that it sold about “41,900 vehicles” in China last year, a decrease of nearly “26 percent” compared to the previous year.
This decline is a continuation of the downward trend that began in 2021, when Porsche’s sales in China reached about “95,700 cars” of sports cars and SUVs.
Porsche attributed this decline to “difficult market conditions and increased competition,” especially in the “electric vehicle” sector, which is experiencing rapid growth from local and global companies.
The former CEO of the company, “Oliver Blume,” repeatedly stated last year that “the luxury car market in China is experiencing a sharp decline,” and confirmed that he does not expect any growth in the near future.
Blume pointed out that “the real estate crisis in China” has led to a decrease in cash flow among wealthy consumers, which has negatively affected the demand for luxury cars.
It is worth noting that since the beginning of January, “Michael Leiters” has taken over as head of “Porsche,” while “Blume” has devoted himself to managing the parent company “Volkswagen.”
