FRANKFURT (dpa-AFX) - The shares of Porsche AG slumped to a record low on Friday after the publication of sales figures for the past year. Weak sales in China had a negative impact and also weighed on the entire European car sector, which was the least in demand in the friendly stock market environment.

Towards midday, Porsche shares, which were at the bottom of the Dax, lost 2.0 percent to 75.82 euros. At 75.70 euros, they had temporarily fallen to their lowest level since the stock market collapse in fall 2022. The fall in the share price has already lasted a little over half a year. A record high of EUR 120.80 was reached at the end of May 2023. Since then, the share price has fallen by 37 percent.

Among the other German car stocks, VW and BMW fell moderately at the end of the week, while Mercedes-Benz held up at the previous day's close. Renault in Paris was weak, while Stellantis made moderate gains, but below average compared to the market as a whole.

According to market expert Andreas Lipkow, investors at Porsche AG were probably betting on an imminent recovery in the automotive sector due to higher demand in China. "The recovery trade for the European Economic Union has been underway since last October and statements like Porsche's don't fit in at all," he commented. The fact that Porsche has sales problems in China shows the difficult situation in the important sales market for the sports car manufacturer. Porsche had announced in the morning that sales had grown in almost all regions of the world in 2023 - however, they slumped in China, the most important car market.

In an industry study that day, UBS analyst Patrick Hummel referred to statements by Porsche that the Stuttgart-based company did not want to compromise on pricing, meaning that it would be difficult to compensate for the weak volumes in China with growth in other regions. Hummel therefore lowered his sales forecast for 2024 and subsequently also his price target for the share from 115 to 104 euros. He also expects consensus estimates for Porsche to fall overall due to the weakness in China and delays in the market launch of new models, but left his investment rating at "Buy"./ck/men/mis