"Porsche is done" in China, said Tu Le, founder of consultancy Sino Auto Insights. Porsche is hardly alone among foreign automakers in losing sales to Chinese rivals, which in many cases are not yet profitable. Foreign automakers "understand the challenge," said Yu Zhang, managing director of Shanghai-based consultancy Automotive Foresight. "But they're still not moving fast enough to solve it." In September 2022, investor faith in Porsche's storied brand was so strong that, shortly after its initial public offering, its value soared past its vastly larger parent Volkswagen. The automaker's shares are now down 44% from its stock market debut and 21% year-to-date. Porsche's China sales have fallen for three straight years. Volkswagen and Porsche CEO Oliver Blume dismissed concerns about declining Porsche sales in China as he addressed reporters after unveiling VW and Audi models on Tuesday ahead of the Shanghai show.