Days after Germany’s top financial newspaper, Handelsblatt, reported that Porsche AG is planning more than 4,000 job cuts, the sports-car maker on Thursday revealed first-half sales figures that were the weakest in six years, with its China business falling off a cliff.

For the January to June period, Porsche reported 122,306 vehicle deliveries across global markets, a 16% decline from the same period a year earlier.

The first-half slump marked Porsche’s weakest sales performance since 2020, with its top market, North America, seeing a 13% decline in vehicle sales, while China suffered an outright 32% decline.

Softening luxury demand in the West and China’s deepening slowdown are increasingly concerning for the high-end automaker.

“With around 122,000 customer deliveries in the first half of 2026, we are below the same period last year but in line with our expectations,” Matthias Becker, Member of the Executive Board for Sales and Marketing at Porsche AG, wrote in a statement.

Porsche blamed the slowdown in North America on several issues:

Among the sales regions, North America remains at the top with 37,712 deliveries. The decline of around 13 per cent can be attributed, among other factors, to the expiration of tax incentives for electric and hybrid vehicles as well as the end of production of the combustion-engined 718.

Dismal delivery figures follow a report by Handelsblatt that said Porsche was considering eliminating as many as 4,000.

Porsche’s profit eroded further in the first quarter as the automaker faced mounting pressure from tariffs, geopolitical turmoil, and gaps in its model lineup. The emergence of Chinese EV giants like BYD and Chery in Europe has been a troubling development not just for Porsche but other legacy EU automakers.

Porsche is part of the Volkswagen Group, where the VW CEO recently warned that more than 100,000 jobs could be eliminated as part of a massive overhaul.