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Porsche AG reports sharp fall in China deliveries
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(Reuters) -German sportscar maker Porsche said on Tuesday that global vehicle deliveries were down 7% in the first half of the year compared to the same period in 2023, primarily driven by a 33% year-on-year drop in China.
(Reuters) -German sportscar maker Porsche said on Tuesday that global vehicle deliveries were down 7% in the first half of the year compared to the same period in 2023, primarily driven by a 33% year-on-year drop in China.
Porsche, majority-owned by Volkswagen , is highly exposed to the EU-China tariff tensions, with deliveries to China accounting for nearly 20% of global deliveries.
An HSBC analyst pointed to weakness in the European car market, saying that “the market is, understandably, worried about China pricing weakness and the prospect of needing to pay dealer compensation.”
Overall, Porsche delivered 155,945 cars worldwide during the first six months of the year.
In North America, deliveries were down 6% year-on-year. Meanwhile, in Porsche’s home market of Germany, deliveries increased by 22% to 20,811 vehicles.
(Reporting by Eva Orsolya Papp and Marleen Kaesebier, Editing by Friederike Heine)
A vehicle delivery refers to the process of transferring a vehicle from the manufacturer or dealer to the customer, marking the completion of a sale.
Market performance refers to how well a company or industry performs in terms of sales, revenue, and growth compared to its competitors or market expectations.
Automotive industry trends are patterns or shifts in consumer preferences, technology advancements, and economic factors that influence the production and sale of vehicles.
The China market is significant due to its large consumer base and rapid economic growth, making it a key area for automotive manufacturers and other industries.
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