With a major change in plans, Porsche's upcoming EV lineup may not be as powerful. This luxury brand is planning to launch a new series of electric power cars and hybrids as they face declining EV sales.
Porsche is replacing EV plans with gas and upcoming hybrids
After backtracking on its goal of electric cars accounting for 80% of total sales by 2030 in July, it looks like Porsche is pulling back on more EV plans.
With sales of its sole EV, the Taycan, down 50% in the first nine months of 2024, Porsche CFO Lutz Meschke admitted on the company's Q3 earnings call that it sees “a slowdown in the BEV revolution.”
Porsche's struggles are not limited to China, where an influx of more advanced, less expensive rivals are flooding the market, but also to Europe and the US. The drop comes despite Porsche introducing the updated 2025 Taycan earlier this year with more width, performance, and improved design.
Meschke told investors, “A lot of customers, first of all, in the premium and luxury segment are looking toward cars with a combustion engine.”
As a result, Porsche plans to launch a series of new gas and hybrid models. The company's CFO explained that “We will renew our vehicles with combustion engines. For example, Panamera and Cayenne.”
The change comes as deliveries of the first electric Porsche Macan are still ramping up. With its first full quarter of sales, Porsche expects to see higher EV demand in the fourth quarter.
Despite the launch of the second generation Macan only as an EV, Porsche now plans to keep the gas-powered model alive in key markets, including the US.
Porsche teased an electric Cayenne coming this summer, but the company also said gas and hybrids are in the works.
Following the Macan EV, Porsche will introduce the electric 718, which is expected to go on sale later this year. The highly anticipated Porsche Cayenne EV is scheduled for its grand debut in 2026. After that, Porsche plans to introduce a high-end electric SUV to sit above the Cayenne, called the “SUV K1” internally.
Source: Automotive News, Porsche AG
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