BERLIN, Germany: Porsche's global deliveries fell sharply in the first quarter, underscoring weakening demand in key markets and growing pressure from competition and policy shifts affecting electric vehicles.

Porsche AG's deliveries slumped further in the first three months of 2026, with sharp declines in key markets China and the United States, as it loses its shine.

Global deliveries were down 15 percent in the first quarter at 60,991 vehicles, the German sports car maker said on April 10.

In China, once a major growth engine for the Stuttgart-based carmaker, deliveries fell by 21 percent amid stiff competition in pricing and technology from local brands.

Porsche reported a 10 percent drop in deliveries to North America, driven in part by the discontinuation of U.S. tax incentives for electric vehicles, according to a company statement.

Its home market, Germany, was the only region that saw growth of four percent. Deliveries in the rest of Europe plunged 18 percent.

Porsche pivoted back to combustion-engine models and delayed the launch of some all-electric vehicles last year as demand sagged, at a cost of 1.8 billion euros (US$2.1 billion) to earnings.

New CEO Michael Leiters has pledged a turnaround through ruthless cost-cutting and new models.

The first-quarter figures, which were impacted by the discontinuation of Porsche's combustion-engine 718 models and a strong prior-year period for the all-electric Macan, were "overall in line with our expectations", board member for sales Matthias Becker said.