Porsche AG's first-quarter sales fell by 15% due to a 21% decline in China, where luxury spending remains subdued. The drop is exacerbating existing challenges for European luxury brands such as Porsche, Mercedes, and the Skoda brand in China. Porsche's CEO, Michael Leiters, is planning further job cuts and considering additional high-end models above the 911 to boost profit margins. The company is also reducing spending on electric vehicles due to an overly ambitious push. Germany was a notable exception, with sales rising 4%, and global deliveries of the 911 increased by more than a fifth.