Porsche to wind down charging network in tough China market, agency reports

Porsche plans to shut down its charging infrastructure in China next year, a Chinese news agency reported on Monday, in another sign of struggle for Volkswagen's luxury subsidiary in the tough Chinese market.

Porsche China will gradually shut down its own charging network of around 200 stations from March 1, Yicai reported, citing the company.

Porsche China will instead focus on deeper cooperation with leading third-party charging operators, according to the report.

A spokesperson for the company did not immediately respond to a request for comment.

Porsche is losing ground in China amid a crowded market with local brands, with the carmaker's sales there having dropped by just over a quarter in the first nine months of the year.

After reporting a loss-making third quarter, Porsche executives told investors they were working to reduce the company's dealer network in China, from 150 to 80.