Porsche's global deliveries fell by 15% to 60,991 vehicles in the first quarter, largely due to the discontinuation of U.S. tax incentives for electric vehicles. In China, deliveries decreased by 21% due to competition from local brands. Germany was the only region to see growth at 4%, while the rest of Europe saw an 18% decrease. Porsche's new CEO, Michael Leiters, has pledged to make a significant turnaround with cost-cutting and new models.