Porsche Sees 8% Drop in Q1 Deliveries Due to Weak Demand
(Reuters) - German sports car maker Porsche delivered 8% fewer vehicles globally in the first quarter, it said on Tuesday, hit by declining demand in China and Europe.
Global deliveries stood at 71,470 cars worldwide, Porsche said, with deliveries down 42% and 10% year-on-year in China and Europe, respectively.
In Germany, Porsche's home market, deliveries slumped 34% to 7,495 vehicles.
However, in North America deliveries rose 37% to 20,698 units over the same period, with growth partly attributed to import-related delays in the delivery of some model lines in the same period last year.
German carmaker Mercedes-Benz said on Monday that its first-quarter unit sales of cars and vans fell 7%, hit by declining demand in China and Europe.
Luxury car brands like Porsche and Ferrari are the most exposed to U.S. tariffs, said Rella Suskin, an analyst from Morningstar, ahead of the release.
"However, their superior pricing power and the positive effect that price increases have on the residual values of their customers' existing cars reduce the overall impact of tariffs on their financials," the analyst said.
(Reporting by Victoria Waldersee and Amir Orusov; Editing by Miranda Murray)
