Porsche posts record Q1 sales rise boosted by China demand

Porsche posted a record sales increase of 18 percent in the first quarter, boosted by China sales, the company said in a statement.

The automaker delivered 21,365 cars in China, its largest single market, representing 21 percent growth over the previous year.

The result there, which is the biggest among regions, was driven by the post-pandemic surge in demand.

Rival Mercedes delivered 191,000 vehicles in China in the first three months of 2023, which is 3 percent higher over the previous year.

Premium brands are benefiting from the rebound in demand in China, the biggest market for luxury products, after its harsh COVID-19 lockdown policy was scrapped in late 2022.

Worldwide, Porsche delivered 80,767 cars during the period, with an increase posted in every region.

SUV models remained popular with Porsche customers as sales of the Macan rose 30 percent and demand for the larger Cayenne was up 23 percent. Sales of the 911 sports car rose 19 percent.

"The good start makes us confident for the rest of the year - at the same time, we remain vigilant and flexible in an environment that remains challenging," said Detlev von Platen, Porsche's executive board member for sales and marketing.