History has once again proved that whoever dares to underestimate the power of the Chinese will be duly punished, such as the Americans, Indians, Vietnamese, etc.
The car market is the same, which car company is disliked by the Chinese, then waiting for its fate is inevitable. This time, it was Porsche who was taught a lesson by the Chinese.
In 1931, the great German automotive engineer founded Porsche, which has a long history of nearly 100 years.
As an ultra-luxury car brand, Porsche can be called the symbol of Germany, and its 911, Panamera, Cayenne and other models are well-known all over the world.
Taking advantage of China's accession to the WTO, Porsche officially entered the Chinese market in 2001.
It is a little more advanced than the BBA brand, but it is not as expensive as Ferrari, and Porsche's million-dollar ** has become the most decent choice for Chinese upstarts.
In 2015, Porsche sold 5 in ChinaWith 80,000 units, China surpassed the United States to become Porsche's largest single market in the world. The pursuit of Porsche by the wealthy people in China can be seen.
Until 2022, China has been Porsche's largest single market in the world for eight consecutive years. In 2022, Porsche will sell 930,000 units, compared to less than 80,000 units in North America and just over 60,000 units in Europe.
In the same year, Porsche's revenue in China led the way with 11.7 billion yuan, accounting for 31.0% of its total global revenue26%, more than the North American and European markets.
With the full support of China's wealthy people, Porsche was successfully listed in Germany this year, and its stock price continued to soar, once becoming the world's third largest car company by market capitalization, second only to Tesla and Toyota.
But in 2023, Porsche's good days in the Chinese market will come to an end.
In the third quarter of this year, Porsche sold only 1690,000 units, a year-on-year increase of 40%. In the first three quarters of this year, Porsche sold only 60,748 vehicles in China, down 12% year-on-year, making it the only single market in the world where Porsche saw a decline.
In North America, 64,487 units were sold, taking away Porsche's eight-year-old title as the world's largest single market.
In fact, Porsche's decline in China began last year. In 2022, Porsche's sales in China showed an inflection point for the first time, with a year-on-year decrease of 2%.
Behind the unsustainable sales is the collapse of Porsche**, and the seven-fold Taycan and the eight-fold Macan are not uncommon. Even models such as Paramela and 911, which were quite strong before, have seen a drop of up to 15 points.
The new car ** dives, and the ** used car naturally can't be kept. Some Porsche owners said that the Paramela purchased for 1.4 million last year lost 50w in just one year, and the myth of Porsche's value preservation was shattered.
Vehicles are not easy to sell, many Porsche sales naturally choose to leave, some turn to ideal and other car companies to sell new energy vehicles, and some sales there can even earn 100,000 a month.
In the past, it was a big hit in the Chinese market, which drove Porsche's stock price to soarNow, due to the sharp drop in sales in the Chinese market, Porsche's share price has fallen all the way to its lowest level since the IPO. The Chinese can lift you up to the altar or beat you into the quagmire.
The most fundamental reason for Porsche's loss of sales in China is that Porsche is too arrogant, and this arrogance engraved in his bones has angered the Chinese.
Porsche's riotous operations that hurt Chinese emerge one after another, such as steering column reduction, forced price increase, forced selection, ** car purchase package, etc. In particular, in the steering column reduction incident, Porsche treated Chinese and foreign car owners differently, which made the Chinese people angry.
In the past, domestic cars were indeed inferior to imported cars, and ordinary people and wealthy people had to bear the premium for the brand to buy ** models such as Volkswagen and Porsche.
But now domestic cars have long stood up, whether it is car manufacturing technology, driving experience, or daily use, maintenance and repair, it is no worse than joint ventures and imports.
Domestic brands have also appeared such as ideal, NIO and other hot-selling luxury brands, as well as BYD's million-yuan model Yangwang is also very popular. When the Chinese people have other choices, they no longer want to endure Porsche's arrogance, and Porsche's sales will naturally decline.
Thousands of miles of embankment, destroyed in an anthill, Porsche's fall from grace in China is just the beginning. Maybe it's not the worst time for Porsche.
The pace of electrification is too slow, casting a heavy shadow over Porsche's future in China. So far, the only pure electric model that Porsche has actually mass-produced and delivered is the Taycan. Monthly sales of the Taycan have dropped from about 500 units to more than 200 units.
The pace of new energy is slow, the intelligent performance is mediocre, and Porsche is increasingly unable to surprise the Chinese. If the Porsche is still arrogant and slow in China, then there is only one ending, and that is to escape.