CodyBigdog

Porsche and Ferrari sales slump in China as car buyers flock to EVs instead

https://fortune.com/2024/06/06/porsche-and-ferrari-sales-slump-in-china-as-car-buyers-flock-to-evs-instead/ 😱

CodyBigdog

Meanwhile…”Porsche Investors are also pointing to slow sales in China and problems sourcing parts just as the manufacturer attempts a major overhaul of its lineup. The issues have weighed on Porsche shares, which slumped by more than a third in the past year. The euphoria of the initial public offering has faded,” Deka Investment’s Ingo Speich said during the shareholder meeting. Deliveries of Porsche’s flagship Taycan EV roughly halved in the first quarter,
Blume on Friday flagged a challenging situation in China, where the company is working to smooth ties with dealers unhappy over poor EV sales. Porsche also would suffer from an escalating trade conflict with Beijing, which has signaled it’s ready to retaliate if the European Union imposes additional tariffs on Chinese EVs. The brand’s deliveries in China fell 15% last year, with the market still accounting for a quarter of its sales.

Porsche only offered 1 EV in a major EV market. Many more innovative EV offerings, at much cheaper prices, in China.

CodyBigdog

https://table.media/en/china/news/po...line-in-china/

jmrichards

Looks like someone on this forum bought a car that lost 50% of its value in the first year, and is trying to justify the purchase.

Ikone

This should cheer everyone up a bit. Maybe?!

CodyBigdog

Looks like someone on this forum is clueless. But keep trying.

CodyBigdog

Completely agree on Musk’s Cyber Junk.

jmrichards

Six months after buying my 911 Targa 4S at MSRP, the dealer offered to buy it back at a 20% profit. Of course I'm not selling, but I'm guessing you didn't get the same offer for your electric car.

aggie57

4 years after buying my manual 992 it’s worth 90% of what I paid for it. In 2009 I bought a new 997.2 C2S MT at 25% discount. What’s your point?

jmrichards

Pretty simple. Anyone who believes EV's are the future have been refuted by both the buying and investing public. Toyota got it right, and they will benefit from their flexible (not dogmatic) approach. There will be more Fiskers.

aggie57

Except then there’s actual facts:

https://www.kbb.com/car-news/report-...ding-up-again/

“Big winners include Toyota, which saw registrations for its bZ4X surge 646% year-over-year, and Ford, which saw its Mustang Mach-E outpace last year by 287%.”, and “New registration data suggests that what some have interpreted as weak EV sales may just be weak Tesla sales. The EV market is still there, and several brands had a really good April, but the overall number is being masked by a weak performance for Tesla,” says Tom Libby, associate director of industry analysis at S&P Global Mobility. “A couple of years ago, we were all talking about how Tesla was the only EV brand doing well, and everybody else was struggling. And now it’s the reverse.”

CodyBigdog

(1) I paid 7% BELOW MSRP for my 992S, or $11,400 below MSRP. During the next model year, when buyers were paying 10-20% premiums, and waits were through the roof, the GM offered me the MSRP price of the latest 992S (comperable equipped). I made out well.

(2) I didn’t sell my 992s, as I primarily bought the car to put on the track.

(3) But I did sell my M4 and paid cash my EV…that, on the street, was/is faster than my M4. My EV is my daily street car, and is faster than most cars on the street. ….pretty easy for EV’s to dial up HP and torque with a simple OTA download. 😎 I’ll trade it in when technology makes it worth the trade…or pass it down to one of my boys.

(4) No, I didn’t get the sweet deal (ie, 7% off MSRP) that I got on my 992S, for my EV. But I did get $7,500 off from Uncle Sam…oh, i wanna thank all the anti-EV folks for kickin in some money. 👍

CodyBigdog

Trust me when I say…Neanderthals and facts don’t go together.

I would also add that the EV story is far from over, and for people to write them off as they continue to break sales records, even if slowing, is the ultimate in stupidity and/or arrogance.

But for the immediate future, we can all buy what we want. But whatever happens to my EV, I take solace in knowing that short of a few cars, I have no problems leaving most in my rear view mirror. That still brings a big smile to my face. 😆

jmrichards

There is a famous line when Conan O'brien gave a commencement speech at Dartmouth College, and said "man what are you compensating for?" Sounds like the same thing here.

CodyBigdog

Yea, that’s it. 😂

I liked your story, too. 😎