Business development
Macroeconomic and sector-specific environment
Development of global economy
In the fiscal year 2025, the global economy continued to recover at a pace similar to the prior year. In the course of this development, a slight increase in momentum was observed in the emerging markets. In the advanced economies, the development remained positive, albeit it slightly below the prior-year level. Although inflation declined in many countries, it remained higher than usual in some. Not all central banks lowered their key interest rates to the same extent due to differing framework conditions, which in some cases had a dampening effect on economic development.
Overall, geopolitical uncertainties, particularly in connection with the orientation of the US economic policy and the increase in geo-economic measures, weighed on the global economic environment.
Germany
At +0.3%, the German economy stagnated at the prior-year level in 2025 (2024: down 0.5%) after falling in each of the two prior years. Compared with 2024, the unemployment figures rose slightly on average over the year. The harmonized inflation rate in the reporting year was slightly below the level of the prior-year period.
Europe
The Western European economy recorded positive growth overall of 1.5% in the reporting year (2024: up 1.0%) and was therefore above the prior-year level. Development in individual countries in Northern and Southern Europe was mixed. Due to falling inflation rates, the European Central Bank has lowered its key interest rates in eight increments since June 2024. The economies in Central Europe recorded overall growth in 2025 that was slightly higher on average compared to the same period of the prior year, while growth in Eastern Europe was lower.
North America excl. Mexico
In the USA, economic output rose by 2.0% in the reporting year (2024: up 2.8%) with a slightly lower growth rate compared to the prior year. The central bank had lowered its key interest rates in several steps in the prior year, but interrupted this gradual easing in the reporting period due to the uncertain impact of economic policy measures taken by the US government and only resumed monetary easing in September 2025. The growth rate in Canada was down slightly on the prior year at 1.7% (2024: up 2.0%).
China incl. Hong Kong
Economic output in China was higher than the global average and at 5.0% in the reporting year was on a par with the prior year (2024: up 5.0%).
Development for the automotive markets
At the end of the fiscal year 2025, the global volume of the passenger cars market was up slightly on the prior year at 81.8 million vehicles, with most passenger car markets recording positive development. While the regions China (incl. Hong Kong) and Central and Eastern Europe grew slightly, the regions Western Europe and North America were on a par with the prior year.
In addition to fiscal policy measures, the sector-specific environment was influenced by the economic situation, which contributed to the uneven development of sales in the markets in the past fiscal year. The fiscal policy measures included tax cuts and increases, the introduction, expiry and adjustment of incentive programs and buyer’s premiums as well as import tariffs. Non-tariff trade barriers to protect the respective domestic automotive industry additionally hindered the exchange of vehicles, parts and components.
Germany
At 2.9 million units (up 1.4%), the number of new car registrations in Germany in 2025 was on a par with the prior year. New registrations of all-electric vehicles developed particularly well.
Europe without Germany
In Western Europe (without Germany), the number of new passenger car registrations in 2025 increased by 2.1% to 9.0 million vehicles, matching the prior-year level. The performance of the large individual passenger car markets in this region was mixed in 2025. Spain recorded significant growth of 13.3%. The United Kingdom recorded slight growth (up 3.5%), while the market volume in Italy (down 2.1%) and France (down 4.8%) recorded a slight decline.
In Central and Eastern Europe, the market volume of passenger cars in the fiscal year 2025 was at the prior-year level at 2.5 million vehicles (up 2.0%). The number of sales developed positively in the major markets of Central Europe.
North America excl. Mexico
In the region North America excl. Mexico, sales figures for passenger cars in the fiscal year 2025 reached prior-year levels at 18.2 million units (up 1.8%). The market volume in the USA remained at the prior-year level of 16.3 million units (up 1.8%). At 1.9 million vehicles, the volume in Canada increased slightly on the prior year (up 2.2%).
China incl. Hong Kong
In the region China incl. Hong Kong, the number of new registrations of passenger cars increased slightly by 3.9% to 24.3 million units in 2025. The development of the Chinese passenger car market was characterized, among other things, by extensive government purchase incentive programs and lower prices. A negative trend in demand was observed in the luxury segment. In addition, the luxury tax, which has been adjusted since July 2025, is having an impact on the luxury segment in the Chinese market.
Deliveries
In the fiscal year 2025, deliveries1 of the Porsche AG Group were down. Overall, the sports car manufacturer delivered 279,449 vehicles, down 10.1% on 2024.
1 The performance indicator “deliveries” reflects the number of vehicles handed over to end customers. This may take place via group companies or independent importers and dealers. In the Porsche AG Group, this differs from unit sales as a relevant driver of sales revenue. Unit sales in the Porsche AG Group are designated as those sales of new and group used vehicles of the Porsche brand, which have left the automotive segment for the first time, provided there is no legal repurchase obligation by a company in the automotive segment.
1 North America excl. Mexico
2 China incl. Hong Kong
