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Porsche AG on Friday dialled[sic] back plans for its electric vehicle rollout due to weaker demand, pressure in key market China and higher U.S. tariffs, causing the luxury sportscar maker and its parent Volkswagen to slash their 2025 profit outlooks:
The move highlights the challenges for one of the most well-known car brands, which has been squeezed by its two most important markets - China and the United States - over price declines and trade barriers.
Volkswagen, Europe's top carmaker, said it would take a 5.1 billion euro ($6 billion) hit from the far-reaching product overhaul, which delays some EV models in favour of hybrids and combustion engine cars, at its 75.4%-owned subsidiary.
The changes are a major shift for the Stuttgart-based maker of the iconic 911 model, and are expected to hit Porsche's operating profit by up to 1.8 billion euros this year, it said.
[...] Porsche said it would delay the launch of certain all-electric vehicles, adding that the new SUV above the Cayenne model would initially not be offered as an all-electric vehicle, but with combustion-engine and hybrid models.
Also at ZeroHedge.
Previously: Porsche's New Cayenne Will Charge Itself Like No Other EV
Related:
- Canadian EV Sales Collapse by 35% as Gas Car Purchases Surge
- Tesla Continues Slide As Musk Warns Of "Rough Quarters" Ahead
- Electric Truck-Maker Nikola Falls Into Bankruptcy Joining a Procession of Failed EV Startups
(Score: 4, Interesting) by OrugTor on Wednesday September 24, @04:38PM
China may be where they have invested heavily and are looking to reap big returns. Europe is a somewhat predictable market inasmuch as the full range of predictor metrics is available. I would have guessed that Saudi Arabia/Emirates would be the key market but maybe that's already mature or just not that big. The thing about the luxury market in China is that although the percentage of rich people is low the absolute number is huge.