Chinese Porsche dealer accidentally discounts Panamera by 88%, hundreds of people put down deposits
A Chinese dealership briefly listed a Porsche Panamera for a mere $18,000.
A Panamera costs at least $92,000 in the US, and has a starting price of $148,000 in China.
Porsche reported sales of 310,000 vehicles in 2022, 3% more than in 2021.
For a brief, sweet moment, Porsche lovers in the city of Yinchuan, China, thought they had found the pot of gold at the end of a rainbow.
A Porsche dealership in their city listed a Panamera sedan, which starts at $92,000 in the US, for a mere 124,000 yuan, or $18,000, on their website, according to Bloomberg News. That’s roughly one-eighth of the 998,000 yuan, or $148,000 dollars, the starting price listed on Porsche’s China website.
According to social media posts on Weibo, over 500 potential buyers rushed to put down a down payment for the car, with some trying their luck with as little as 911 yuan, or $135. (link)
Unfortunately for them, the bargain price was no more than a temporary oversight by the car dealership, which took down the incorrect information as soon as it realized the mistake and it appears to have already started refunding the deposits, according to the Weibo social media posts.
One hopeful buyer, however, got a lucky deal out of it, as Porsche told Bloomberg it has “negotiated an agreeable outcome” about the car in stock in the Chinese dealership. Porsche did not respond to a request for comment from Insider.
Despite its not-so-bargainous prices, Porsche has no problem selling luxury cars, and in 2022 it reported sales of nearly 310,000 vehicles worldwide, 3% more than in 2021.
“We have succeeded in fulfilling the dream of owning a Porsche for more customers than ever before,” said Detlev von Platen, Porsche’s executive board member for sales and marketing, while reporting 2022 earnings in early January.
Citizens of Yinchuan, China, might disagree.