Luxury car sales plummeted in China as consumers face increased pressure from a lagging economy, turning their heads toward lower-cost EVs instead.
Deliveries for luxury brands, including Porsche and Ferrari, fell drastically in the first quarter in China, a stark contrast from their performance in the same period last year. Porsche’s first-quarter deliveries fell 24% from a year earlier while Ferrari shipments to China dipped 25%. Sales for BMW and Mercedes-Benz also decreased year over year, the Wall Street Journal reported.
