In the first quarter of 2025, German automaker Porsche reported an 8% decrease in global deliveries, totaling 71,470 vehicles.
The main factors were reduced production of certain models and declining demand in key markets—Europe and China.
In China, sales fell by 42% to 9,471 vehicles.
In Germany, sales dropped by 34% to 7,495 units.
In the rest of Europe, sales declined by 10% to 18,017 units.
One of the reasons was the discontinuation of the 718 Cayman and 718 Boxster with internal combustion engines (ICE) in the EU, as they no longer comply with new European cybersecurity regulations, including the requirement for a Cybersecurity Management System (CSMS). In addition, production of the ICE version of the Porsche Macan has ceased in the European market.
In contrast, sales in North America rose by 37% to 20,698 vehicles, supported by:
Delays in imports last year,
Restrictions on Chinese auto components that affected competitors.
However, growth in this region was not enough to offset the overall decline in other markets. The introduction of a 25% import tariff in the U.S. adds further uncertainty. Morningstar analysts have lowered their fair value estimate for Porsche shares by 11%, to €64, assigning the company a high uncertainty rating.
