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Porsche defies China slowdown thanks to rich millennials

Sales grew 4% in first 10 months despite overall market decline

Porsche's sales growth in the first 10 months of this year was helped by strong demand from young Chinese entrepreneurs.   © Reuters

HONG KONG -- Porsche, the German maker of luxury sports cars, appears to be defying the overall decline in China's automobile market, as younger buyers are still keen to splash out on luxury wheels.

In the first 10 months of this year, Porsche's sales in Greater China -- including Hong Kong, Taiwan, Macau and mainland China -- grew 4% from a year ago, while auto sales in general in mainland China fell by 0.1% during the same period.

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