Automotive

Porsche, new slump in China: sales -21% in Q3

In the first nine months of the year, the German manufacturer delivered a total of 212,509 vehicles globally, down 6% year-on-year

by Alberto Annicchiarico

9 October 2025

3' min read

Translated by AI

Versione italiana

3' min read

Translated by AI

Versione italiana

Porsche's slowdown in China is becoming structural. Deliveries fell by 21% in the third quarter, ballasting the brand's global volumes - just over 66,000 units, -5.7% - and confirming that premium demand in the world's largest car market remains sluggish while local champions dominate the electrics with aggressive price lists and highly advanced tech features.

In the first nine months of the year, the German carmaker globally delivered a total of 212,509 vehicles, down 6 per cent year-on-year, of which 35.2 per cent were electrified, up 12.8 percentage points. Battery-powered vehicles accounted for 23.1 per cent of deliveries, 12.1 per cent the share of plug-in hybrids. The most significant growth among the sports carmaker's six model lines was recorded by the Macan, up 18 per cent.

In the nine months, deliveries in Germany fell by 16 per cent, deliveries in China fell by 26 per cent and deliveries in Europe, excluding Germany, fell by 4 per cent. Deliveries in North America rose by 5 per cent and deliveries abroad and in emerging markets reached a new record of 45,090 units, up 3 per cent.

The picture is now choral: this week even Mercedes-Benz and Bmw confirmed the difficulties of German manufacturers in China - for the Munich-based manufacturer came a cut in guidance - amid price wars and a weak economy, with more selective credit and the aftermath of the real estate crisis.

As for Porsche, the Chinese dossier adds up to a phase of industrial and governance repositioning. After the 29 September 2022 listing, the share was ousted from the Dax in the September review: a signal of weakening capitalisation and free float, in the midst of a 2025 marked by multiple profit warnings.

A mix of factors weighed on the product, including the lack of availability of thermal versions of some models in Europe (meanwhile, the Macan remains the best seller with 64,783 units, +18%, of which 55% are electric). Porsche has postponed several battery launches, revised its pipeline and reallocated capital to thermal and hybrid. Among these postponements is that of the K1, the seven-seat electric maxi SUV developed to defend the top end of the market. Its arrival, initially expected in 2027, has been postponed until at least the end of the decade, a sign of a more cautious strategy on luxury EV volumes. The share of electrified cars, meanwhile, has increased to 35.2% (+12.8%), of which 23.1% Bev and 12.1% plug-in. In Europe it is 56%.

The company now estimates a return on sales of no more than 2 per cent for 2025, the fourth cut of the year, while parent company Volkswagen also corrected its outlook (EUR 5.1 billion impact) in the face of the backlash from the electric reverse.

On the cost front, the sports and luxury car manufacturer has initiated efficiency measures and job cuts, including the decision to stop production plans for the high-performance cells of its Cellforce subsidiary, turning it into an R&S hub: a retreat that well explains its newfound caution towards high-end Ev volumes.

The external context does not help: in China, national champions (Byd, Xiaomi, Xpeng) are pushing for electrics and proprietary infotainment, squeezing the margins of Western brands. In the US, higher tariffs are aggravating the accounts of European manufacturers. The result is an export-driven German industry that is being called upon to rebalance its electric ambitions, cost structure and prices.

The leadership chapter also remains open: Oliver Blume, at the helm of both Porsche AG and the Volkswagen Group, has been under pressure for some time to relinquish the dual role. The change is expected by the end of the year. Growing investor pressure and declining financial performance have accelerated the search for a new CEO. The Porsche and Piech families are actively involved in the negotiations. A delicate transition as the glorious brand of the iconic 911 (but sales are down: -5% to 37,806 units) redefines strategy and range in a market that does not forgive uncertainty or hesitation.

The share price dropped 1.53% to EUR 41.70 on the Mdax (Frankfurt Midcap Index). Porsche was 'demoted' from the main list on 22 September.

Alberto Annicchiaricovicecaposervizio
Luogo: Milano
Lingue parlate: inglese (C1), buona comprensione di francese e spagnolo
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