Porsche AG said global deliveries fell 15% in the first quarter, with 60,991 vehicles handed over to customers in the three-month period. The German sports carmaker reported steep regional differences, with pronounced drops in some of its largest markets and a lone area of growth in its domestic market.
China, which previously had been a major engine of expansion for the company, saw deliveries decline by 21%. Porsche pointed to intense competition from local brands on pricing and technology as a contributor to the weaker volumes in that market.
North America also weakened, with deliveries down 10% in the quarter. In a company statement, Porsche said part of the decline in the United States reflected the discontinuation of federal tax incentives for electric vehicles.
Germany was the sole region to record an increase, rising 4% year-on-year. Elsewhere in Europe, deliveries dropped 18%.
The company said last year it reverted focus toward combustion-engine models and postponed the introduction of some all-electric vehicles as demand fell. That strategic shift and the related decisions to alter the product portfolio reduced earnings by 1.8 billion euros.
Company board member for sales Matthias Becker described the first-quarter results as affected by the phase-out of the combustion-engine 718 models and by a strong comparative period for the all-electric Macan last year. Becker said the figures were "overall in line with our expectations."
New chief executive officer Michael Leiters has pledged a turnaround that includes significant cost reductions and the rollout of new models.
For currency reference, the company included an exchange rate notation of $1 = 0.8559 euros.
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