“In a challenging environment, we are staying on course and resolutely pursuing our strategy,” Porsche AG CEO Oliver Blume, who also heads Porsche’s parent Volkswagen, said in a statement.
German carmakers are struggling to revive Chinese demand, with deliveries to their largest market falling at competitors BMW and Mercedes, and Porsche recording a 24% slump in quarterly deliveries.
Porsche finance chief Lutz Meschke said that while demand in China remained challenged the company would not compromise on margins by steering clear of a price war that has gripped the local market.
The group, which was listed in 2022 to command higher valuation multiples, kept its 2024 outlook for a 2024 profit margin of 15%-17%.