Germany's Porsche reports downturn as weak Chinese demand hits sales

German luxury carmaker Porsche reported disappointing figures on Friday as weak demand in China and the renewal of several popular models hit sales.

Total deliveries in the first nine months of the year were 226,026 worldwide, a 7% drop.

Sales in the vital Chinese market fell by 29% in the first nine months of the year, which the company said was due to the difficult economic picture in China.

Porsche, a major brand in Germany's Volkswagen Group, also sold 5% fewer vehicles in North America as customs delays hindered deliveries.

One bright spot was the company's home market in Germany, where deliveries were up 8% in the first three quarters.

Elsewhere, sales increased by 1% in the rest of Europe, and by 3% in overseas markets, a broad category encompassing Africa, Latin America, Australia, Japan and Korea.

The downturn had been somewhat expected as the Stuttgart-based company redevelops its fleet, with updated versions of the Porsche Taycan electric sports car, the Panamera, Cayenne and Macan models and the classic 911.

The transitions between different model series are reportedly complex, leading to gaps in sales in individual markets.

Overall, however, sales director Detlev von Platen said customer demand remains robust, with good feedback on the new models.

"With increasing product availability, we are looking optimistically at the final stretch of 2024," he said.