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5mo ago

Porsche Reassesses EV Strategy, Extends Focus on Gas and Hybrid Models

Facing slowing EV sales and shifting customer preferences, Porsche is revising its plans to include more combustion and hybrid vehicles alongside electric offerings.

Overview

  • Porsche CFO Lutz Meschke confirmed the company will maintain combustion engine models longer than initially planned due to declining EV demand.
  • The automaker has seen a nearly 50% drop in sales of its Taycan EV during the first nine months of 2024, with notable struggles in the U.S., Europe, and China.
  • Porsche is considering hybrid or gas-powered versions of future models originally planned as all-electric, including the Cayenne and 718.
  • The company had aimed for 80% of its sales to be electric by 2030 but has scaled back this target and is focusing on a flexible drivetrain strategy.
  • Despite the slowdown, Porsche plans to launch several new EVs, including an electric Cayenne in 2026 and a luxury SUV codenamed 'K1,' while keeping gas options available in key markets.