STORY: Porsche AG's deliveries slumped further in the first three months of the year.
It saw sharp declines in key markets China and the US.
The German sports carmaker said Friday that global deliveries were down 15% in the first quarter.
In China, once a major growth engine for Porsche, deliveries fell by over a fifth amid stiff competition on pricing and technology from local brands.
Porsche reported a 10% drop in deliveries to North America.
It said that was driven partly by the discontinuation of U.S. tax incentives for electric vehicles.
Its home market Germany was the only region that saw growth at 4%.
Deliveries in the rest of Europe plunged 18%.
Porsche pivoted back to combustion engine models and delayed the launch of some all-electric vehicles last year.
New CEO Michael Leiters has pledged a turnaround with ruthless cost-cutting and new models.
