Porsche sees record Q1 sales increase, driven by 21% rise in China sales

Porsche has reported a record increase in sales of 18% in the first quarter, with a boost from China, its largest market.

The automaker delivered 21,365 cars in China, a 21% increase compared to the previous year, making it the company’s biggest regional market. The post-pandemic surge in demand drove the result in China, as the country’s harsh lockdown policy was lifted in late 2022.

In contrast, rival Mercedes delivered 3% more vehicles in China in the first quarter of 2023, totaling 191,000 cars.

“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.

The rise in demand for luxury products in China is benefiting premium brands after the pandemic hit the economy. Porsche delivered 80,767 cars globally in the first quarter, with an increase posted in every region.