Porsche posts record Q1 sales rise boosted by China

Porsche posts record Q1 sales rise boosted by China
© Reuters. Porsche Head of Style Michael Mauer presents a new design study of a Porsche 357 during the 75 years Porsche sports car exhibition “Driven by Dreams” in Berlin, Germany, January 25, 2023. REUTERS/ Lisi Niesner/File Photo

(Reuters) -Porsche AG posted a record year-on-year sales increase of 18% in the first quarter, boosted by China sales, the company said on Monday.

The German luxury carmaker delivered 21,365 cars in China, its largest single market, representing 21% growth over the previous year. The result there, which is the biggest among regions, was driven by the post-pandemic surge in demand.

Peer Mercedes delivered 191,000 vehicles in China in the first three months of 2023, which is 3% 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 such as the Macan and Cayenne, as well as the iconic 911 sports car, were the most popular among Porsche customers.

“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.