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Porsche Adjusts EV Goals Due to Sluggish Sales

The luxury carmaker revises its ambitious 2030 target, citing slower-than-expected market adoption.

Image
The Porsche Taycan Turbo, in white, and 4s, in blue, electric vehicles are shown at the AutoMobility LA auto show Thursday, Nov. 21, 2019, in Los Angeles. (AP Photo/Marcio Jose Sanchez)
An electric Porsche Macan on the production line in Leipzig. German car makers have been exposed to a slowdown in exports to China

Overview

  • Porsche initially aimed for 80% of sales to be electric by 2030 but now ties the goal to market demand.
  • The company has faced a significant drop in EV sales, with a 51% decline in the first half of 2024.
  • Other automakers like Mercedes-Benz and Ford have similarly scaled back their EV targets.
  • Porsche's product strategy allows flexibility to produce electric, hybrid, and combustion engine vehicles.
  • The automaker continues to develop e-fuels as an alternative to traditional petrol.