Porsche Pauses Electric SUV, Delays Models Amid Costs, Competition
Porsche is adjusting its electric vehicle strategy due to rising production costs and customer preferences. The luxury carmaker has temporarily halted plans for a battery-powered SUV and delayed several other electric models. This shift is expected to cost the company around 3.1 billion euros.
Porsche's decision comes amidst increasing pressure from Chinese competitors offering electric cars at competitive prices. The company is now focusing on expanding its range of hybrid and combustion engine models. Other luxury brands, such as Mercedes-Benz and Audi, are also facing challenges in persuading wealthy customers to switch to electric vehicles.
Porsche's electric car, the Taycan, has faced setbacks due to supply chain issues, battery range concerns, and software glitches. These factors have contributed to a decrease in demand for the model. Despite these challenges, Porsche aims to maintain its long-term sustainability goals while balancing the demand for both electric mobility and traditional combustion engines.
Porsche's strategic shift will see it delay the introduction of certain electric models and focus on hybrid and combustion engines. The company aims to keep popular combustion models like the Cayenne and Panamera in production longer. Porsche remains committed to sustainability but acknowledges the need to respond to customer wishes and market pressures.
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