As Car Sales in China Plunge, Porsche Says It's Doing Just Fine

(Bloomberg) -- China’s love for fast cars is helping Porsche AG see unprecedented demand even while industry sales fall for a fifth straight month.

“We will have a very good year in China with sales increase over 10 percent,” Chief Executive Officer Oliver Blume told Bloomberg Television from the Los Angeles auto show. There’s been a very big increase especially for “motor sport-like cars like the 911 or the 718,” while the automaker also saw success with the new Cayenne SUV, he said.

“So we are looking forward to the next year with another record year in China as well,” Blume said.

The CEO also said Porsche has a strategic target to maintain a return on sales of 15 percent.

©2018 Bloomberg L.P.