Porsche Shifts Away from Luxury EVs Amid Demand Concerns

about 1 month ago

Bloomberg Reporter

"Porsche said that it would shelve plans for a future battery-powered luxury SUV, and it said they would kind of move more towards combustion engine and hybrid models to kind of changing its portfolio and moving away from those luxury cars, luxury electric cars... And it's been dealing, of course, with that low demand for electric vehicles."

Porsche has altered its strategy by pausing its luxury EV plans and pivoting to combustion and hybrid models due to weak demand. The move has resulted in a significant operating profit hit and led to successive guidance cuts, affecting both Porsche and its parent company Volkswagen.

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