Porsche deliveries fall 15% as China slowdown and US tariffs bite

Friday 10 April 2026 - 14:20

By: Dakir Madiha

Porsche deliveries fall 15% as China slowdown and US tariffs bite

Porsche AG reported a 15% drop in global deliveries in the first quarter, with volumes falling to 60,991 vehicles from 71,470 a year earlier, as the German carmaker faced weaker demand in China and mounting pressure from new US import tariffs.

The results, released on April 10, confirm a continued decline for the brand, which had delivered more than 80,000 vehicles in the first quarter of 2023. Deliveries in China fell 21% amid intensifying competition from domestic manufacturers. Sales in North America declined 10%, partly due to the removal of US tax incentives for electric vehicles.

Germany stood out as the only growth market, with deliveries rising 4%, while the rest of Europe recorded an 18% drop.

The quarterly figures come days after the United States imposed new 25% tariffs on imported vehicles on April 3. Unlike rivals BMW and Mercedes-Benz, which operate production facilities in the US, Porsche exports all vehicles sold in the American market from Europe.

Chief financial officer Jochen Breckner said the tariffs would weigh on current-quarter results by several hundred million euros. He added that price increases for US customers would become unavoidable if negotiations between Washington and Brussels fail. The United States accounts for roughly one third of Porsche’s global sales.

Board member for sales Matthias Becker said first-quarter performance was broadly in line with expectations. He pointed to the discontinuation of combustion engine 718 models and a high comparison base linked to the previous rollout of the all-electric Macan as factors affecting the figures.

The decline in deliveries adds to an already difficult period for the company. Porsche’s operating profit for 2025 dropped 92.7% to 413 million euros, after recording around 3.9 billion euros in exceptional charges tied to a product strategy overhaul, battery-related write-downs, and tariff-related costs. The group’s operating margin fell to 1.1% from 14.1% a year earlier.

New chief executive Michael Leiters, who took office on January 1, has pledged to restore performance through cost reductions and a revised strategy in China focused on value rather than volume. The company is also reducing its dealership network in China from 150 to 80 locations.

Porsche plans to launch an all-electric Cayenne later this year as part of its recovery efforts. Management is targeting a return on sales of between 5.5% and 7.5% by 2026, with projected revenue of 35 billion to 36 billion euros.

Shares in Porsche have fallen about 17% since the start of the year. Investors are expected to assess the impact of tariffs further during a pre-close call scheduled for April 14.