Porsche’s China sales plummeted 28% in 2024, marking the third consecutive year of decline. Once its largest market, China is now third behind North America and Europe as global sales fell 3%.
by Chen Xiaotong
Porsche's global sales figures for 2024 reveal a striking shift, with China—a market once considered the automaker's crown jewel—becoming its only region to see a decline. The company delivered 310,700 vehicles worldwide last year, a 3% drop from 2023, while sales in four out of five regions grew.
In North America, Porsche sold 86,541 vehicles, a modest 1% increase, securing the region's position as the brand’s largest market for the second consecutive year. Germany saw the highest growth, with sales up 11% to 35,858 units. In Europe, excluding Germany, sales rose 8% to 75,899 vehicles.
China, however, stood out for the wrong reasons. Sales plunged 28% to 56,887 vehicles in 2024, marking the third straight year of decline. Once Porsche’s largest single market globally, China has now fallen to third place, overtaken by both North America and Europe.
The decline in China is particularly stark given its historical significance. Porsche entered the market in 2001, with sales climbing steadily until China became its largest market in 2015. Sales peaked in 2021 at 95,700 units before the trend reversed. In 2022, Porsche reported its first decline in two decades, with sales slipping 2.5% to 93,300 units. The downward slide continued in 2023, falling 15% to 79,300 units, and worsened further in 2024.
Leadership changes and strategic adjustments marked Porsche’s response to these challenges. Alexander Pollich took over as CEO of Porsche China in September 2024, replacing Michael Kirsch. Pollich has since launched a plan to scale back Porsche’s sales network in the region, aiming to reduce the number of dealerships from 150 to 100 by 2026.
Amid rumors of layoffs in late 2024, sources suggested a 30% reduction in Porsche China’s workforce, with severance packages reportedly offered at “N+3.” While Porsche denied the layoff claims to Jiemian News, it acknowledged an internal restructuring aimed at enhancing efficiency and cost optimization. The company stated that the measures include adjustments to both direct and indirect personnel costs.
