Porsche posts record Q1 sales rise boosted by China

Porsche AG reported on Monday that China prices helped the company post a proof year-over-year sales increase of 18 % in the first quarter.

In China, the largest single market for the European luxury automaker, 21, 365 vehicles were sold, representing a 21 % increase over the past year. The outcome it, which is the largest of all provinces, was influenced by the post-pandemic increase in demand.

In China, Peer Mercedes sold 191,000 vehicles in the first three months of 2023, an increase of 3 % from the previous year.

After its strict COVID-19 lockdown policy was repealed in late 2022, China, the world’s’s largest market for luxury goods, is seeing a rise in demand for premium brands.

During that time, Porsche delivered 80, 767 vehicles globally, with an boost announced in every area. Porsche customers preferred Car models like the Macan and Cayenne as well as the classic 911 sports cars.

Detlev von Platen, a member of Porsche’s’s executive council for sales and marketing, said that while the create gives us confidence for the rest of the year, we also maintain our vigilance and adaptability in the face of ongoing challenges.

( Editing by Friederike Heine and Miranda Murray, reporting by Andrey Sychev in Gdansk)

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