Porsche said its first quarter 2024 deliveries remained “stable” after selling 77,640 vehicles worldwide, a decline of 4% year on year.

Sales and marketing chief Detlev von Platen said: “Despite the ramp up of new launches, delays in delivery due to regulatory requirements in North America and the still challenging market situation in China, we were able to maintain deliveries at a stable level.”

Europe sales (excluding Germany) rose 9% to 20,044 cars while home market sales surged 37% to 11,274 units.

China sales however fell 24% to 16,340 vehicles. Porsche blamed “the focus on value oriented sales, the continued tense economic situation in [China] and a strong equivalent period in the previous year due to initial post-Covid catch-up effects”.

North America volume fell 23% to 15,087 vehicles explained mainly by “a customs related delay in the shipping of some models”.

Overseas and emerging markets sales rose 14% to 14,895 cars.

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The Cayenne was the top selling model in Q1 with sales up 20%. Macan volume was down 14% to 20,576 cars “attributable to a disproportionately strong period in the previous year”.

Deliveries of the new all electric generation begin in the second half.

Von Platen added: “Our focus in 2024 continues to be on value oriented sales.”