Porsche deliveries slip

Porsche just posted another weak quarter: deliveries fell 15% to 60,991 cars in the first three months of 2026, down from 71,470 a year earlier. The drop was steep enough that North America became Porsche’s biggest region again even though the United States also weakened. (newsroom.porsche.com) China was the hardest hit. Porsche delivered 9,471 cars there in the quarter, a 42% drop from a year earlier, and the company said “continuing tense economic conditions” and a focus on value over volume were behind it. (newsroom.porsche.com) The United States also went into reverse after a record 2025. Porsche said the end of tax incentives for electric and hybrid vehicles in the United States helped drag first-quarter demand lower. (newsroom.porsche.com 1) (newsroom.porsche.com 2) This was not one bad month. Porsche had already delivered 279,449 cars in all of 2025, down 10% from 310,718 in 2024, so the new quarter extends a slide that was already underway. (newsroom.porsche.com) Part of the decline is product timing, not just shoppers walking away. Porsche said the gasoline-powered 718 is ending production, which removes a whole set of cars from the lineup before replacement models are fully in place. (newsroom.porsche.com) Another part is the Macan sport utility vehicle flipping from old to new. Porsche said the all-electric Macan had a strong launch phase in the same quarter last year, which made the comparison for early 2026 unusually tough. (newsroom.porsche.com) The odd detail is that Porsche’s most famous car is doing fine while the broader business softens. Deliveries of the Porsche 911 rose 22% in the quarter to 11,390 cars, which means the weakness is concentrated in other model lines rather than spread evenly across the brand. (newsroom.porsche.com) North America still led Porsche’s regions with 18,344 deliveries, but that was only enough to be “largest” because China fell so sharply. Europe outside Germany dropped 10% to 18,017 cars, while Germany slipped 34% to 7,495, partly because several models had been unusually strong there a year earlier. (newsroom.porsche.com) Porsche has been telling investors it is reshaping the business around a “value-oriented derivative mix,” which is car-company language for selling fewer vehicles but trying to keep the expensive versions flowing. That strategy works best when wealthy buyers keep spending, and this quarter suggests that cushion is getting thinner in two of the world’s most important luxury-car markets. (newsroom.porsche.com 1) (newsroom.porsche.com 2) Porsche’s next real test is earnings, not deliveries. Delivery figures show how many cars reached customers, but earnings will show whether weaker China demand, fewer tax breaks in the United States, and a thinner model lineup are starting to squeeze profits as well as volume. (investorrelations.porsche.com)