Porsche Q1 US Deliveries Slump 24.9% Hit By Supply, Transit Issues

Volkswagen AG VWAGY owned luxury carmaker Porsche Cars North America Inc (PCNA) reported a 24.9% decline in Q1 FY22 U.S. retail deliveries.
A mix of factors, including supply-chain shortages, war, and the sinking of a cargo ship carrying millions of dollars worth of product across the Atlantic, has caused the slump, reported Bloomberg.
The company delivered 13,042 units in Q1 versus 17,368 units last year.
Porsche's top deliveries were its SUV models, the Macan and Cayenne, followed by the Porsche 911 and the all-electric Taycan.
The report added that recently Volkswagen snubbed Germany's Deutsche Bank AG DB in favor of American banks to play the lead role in Porsche's initial public offering.
The IPO is expected to be one of Europe's biggest ever, with a valuation of $100 billion.
Price Action: VWAGY shares closed lower by 0.56% at $25.08 on Monday.
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