VW reports falling sales and profits
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November 4, 2024
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Porsche cuts back on its presence in China
The Stuttgart automaker has taken a 29% YTD hit on vehicle sales in China this year, prompting urgent cost-saving measures.
This and the fact that Porsche’s global profits plummeted by 41% in Q3 2024 compared to the year before forced the company to shut down and sell some of its dealerships in China.
Looking back on its performance over the past few years, Porsche has concluded that the customer interest towards EVs is on a steady decline, with more and more buyers choosing ICE cars. The company has decided to correct its strategy moving forward to accommodate this trend.
Editor: Andrew Raspopov
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October 31, 2024
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