Porsche warns of challenging H2 after 6% sales decline
The sportscar maker's global deliveries fell 6 per cent in the first half of the year, an improvement on the sharper decline recorded in the first quarter. In North America, where Porsche relies solely on imports, growth slowed to 10%, from a 37 per cent surge in the three months through March.
'We expect the environment to remain challenging,' Matthias Becker, Porsche's board member for sales and marketing, said Tuesday in a statement. The company cited fierce competition in China as the main factor behind its 28 per cent sales slump in the world's biggest auto market.
European luxury-car makers are losing momentum in the US and continue to fall behind in China, where local brands are taking over. Mercedes-Benz Group AG on Monday said its sales dropped 10 per cent in the second quarter after President Donald Trump's tariffs curbed deliveries in the US and China. Porsche is one of the manufacturers most exposed to the levies because it lacks a factory in the US.
Addressing its performance in China, the Volkswagen AG-controlled brand pointed to fierce competition in the luxury and electric-vehicle segments that are increasingly dominated by homegrown manufacturers led by BYD Co.
Global sales of the 911 fell 9 per cent due to the phased introduction of updated versions. The Macan sport utility vehicle was the brand's top performer, with sales up 15 per cent in the first half — almost 60 per cent of them the all-electric version.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Indian Express
an hour ago
- Indian Express
Roshanara Club with revamped sport facilities, wellness and banquet areas, opens its doors after almost 2 years
After being closed for renovation for nearly two years, the century-old Roshanara Club reopened its doors to the residents of the Capital on Sunday. Renovated and restored by the Delhi Development Authority (DDA), the heritage club now boasts of revamped sport facilities as well as modern wellness and banquet areas, among others. The club, spread across 22 acres, was taken over by the DDA for renovation on September 29, 2023. This was after L-G V K Saxena – in his maiden visit to the club on January 12, 2023 – noticed that the 'majestic structure was lying in a dilapidated state with poor maintenance with a crumbling facade', the DDA said in a statement. Saxena, who unveiled the revamped club, said, 'It is a big moment for us, as this heritage club has been restored and relaunched. I congratulate the people of Delhi on this occasion. Delhi is a city of heritage and in the last three years, a number of heritage (sites) have been restored and we are committed towards (restoring) more in the future.' The club was established on August 15, 1922 as an elite recreational and social retreat for the Britishers residing in the area around present-day Delhi University and Civil Lines. It was named after Begum Roshanara, the daughter of Mughal Emperor Shah Jahan, who was buried in the neighbouring Roshanara Bagh. The club is considered the birthplace of the Board of Control for Cricket in India, which was formed in 1928 when Indian cricket administrators gathered at Roshanara Club. 'Particular attention was given to the preservation of the club's architectural legacy. The century-old façade, including the European-style doors and windows, Mangalore-tiled roof, and intricate wooden trusses, have all been carefully restored. Antique chandeliers and original furnishings were refurbished and reupholstered to revive their classic charm,' the DDA said in its statement. It added that indoor facilities at the club now include a main lounge, card and billiards rooms, banquet area, bar and dining hall, library, gym, squash and badminton courts, a swimming pool, and a wellness area with yoga, sauna, and steam rooms. Outdoor amenities include clay, grass, and synthetic tennis courts, cricket grounds, a mini football zone, basketball area, and a jogging track. The DDA said civil works involved anti-termite treatment, waterproofing, marble polishing, wooden flooring repairs, and renovations to sanitary facilities. Important upgrades were made to the squash and badminton courts, swimming pool, and various places in the club house building. While electrical systems were overhauled, AC cooling was enhanced by providing requisite units, ducting and wiring were concealed, and damaged fittings, switches and light fixtures were replaced. Chandni Chowk BJP MP Praveen Khandelwal, Model Town BJP MLA Ashok Goel, DDA Vice Chairman N Saravana Kumar, and senior officials also attended the launch. Devansh Mittal is a trainee correspondent with The Indian Express. He studied political science at Ashoka University. He can be reached at ... Read More
Mint
an hour ago
- Mint
Trump says US-EU trade deal is close — But sticking points remain
US President Donald Trump on Sunday expressed optimism over reaching a trade deal with the European Union, even as the clock ticks toward an August 1 deadline that could trigger sweeping tariffs on EU exports to the United States. Speaking at the start of a high-stakes meeting with European Commission President Ursula von der Leyen at his Turnberry golf resort on Scotland's western coast, Trump said there was a 'good chance' of striking an agreement, despite 'three or four main sticking points' — most notably around what he called 'fairness' in car and agricultural exports. US President Donald Trump on Sunday expressed confidence that the United States and the European Union could strike a trade deal, even as a looming August 1 deadline threatens to trigger sweeping tariffs on EU exports. Trump said at the start of a meeting with European Commission President Ursula von der Leyen at his Turnberry golf resort in Scotland that 'three or four main sticking points' remain, with the key issue being 'fairness,' particularly regarding barriers to US car and agricultural exports. Von der Leyen acknowledged that talks were balanced on a knife's edge, saying there was a '50-50' chance of securing an agreement before the deadline. 'President Trump is a tough negotiator and dealmaker,' she said ahead of the meeting. 'If we reach an agreement, it will be the biggest deal either of us has done.' She also emphasised that any deal would need to be based on fairness and a rebalancing of the current trade relationship between the two economies. The high-stakes meeting comes amid escalating pressure from Washington, which has threatened to impose a 30% across-the-board tariff on EU goods unless a deal is reached. Currently, EU exports already face tariffs of 25% on automobiles, 50% on steel and aluminum, and an additional 10% on other goods. The European Commission, representing all 27 EU member states, has been striving to avoid further economic strain and prevent retaliation, while preserving a transatlantic trade relationship worth approximately $1.9 trillion annually. Sunday's face-to-face meeting between Trump and von der Leyen was a last-ditch effort to avoid a transatlantic trade rupture. A breakthrough, if reached, could avert what both sides view as a damaging trade war and offer a path forward for stabilizing US-EU relations amid broader geopolitical tensions.
&w=3840&q=100)
Business Standard
an hour ago
- Business Standard
A shift in mindset: India-UK trade deal paves way for those with EU, US
The question is how much this shift in mindset can be applied now to other trading partners, particularly the European Union (EU) Business Standard Editorial Comment Mumbai Listen to This Article On Prime Minister Narendra Modi's visit to the United Kingdom (UK) last week, India and the UK finalised and signed a Comprehensive Economic and Trade Agreement, which appears to be the most expansive trade deal that India has agreed to in recent years. A free-trade agreement (FTA) between the two countries has been under discussion for some years now. Negotiations were formally launched in January 2022; then UK Prime Minister Boris Johnson had hoped to have it 'done by Diwali' that year. But in fact, informal discussions had been going on since even before Britain voted to leave the European
