Major car brand abandons plans to go all-electric and plans to stay with petrol for ‘much longer’
Porsche has dramatically pulled back from its ambitious electric vehicle plans, announcing it will stick with petrol engines for “much longer” than initially intended.
The German luxury carmaker has abandoned its previous target of having electric vehicles account for 80 per cent of new sales by 2030.
The shift comes amid weakening demand for electric vehicles, particularly in China where the company’s flagship electric Taycan model has seen sales plummet.
Sales of its electric Taycan model were particularly hard hit, falling by almost 50 per cent.
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The manufacturer is now reconsidering plans for future models, with some previously planned all-electric vehicles potentially being developed with hybrid or combustion engine options instead.
Porsche reported a stark 40 per cent drop in car deliveries during the first nine months of the year.
Chinese-made electric vehicles like the Xiaomi SU7 are offering similar style and performance to the Taycan at significantly lower prices.
The Xiaomi SU7 Ultra Prototype recently outperformed the Taycan Turbo GT at the Nürburgring Nordschleife, completing the circuit over 20 seconds faster.
In an interview with Automotive News Europe, Porsche’s finance chief Lutz Meschke said: “We are currently looking at the possibility of the originally planned all-electric vehicles having a hybrid drive or a combustion engine.
“We are currently in the middle of making conceptual decisions. What is clear is that we are sticking with the combustion engine for much longer.”
The company has noted a clear trend in the premium luxury segment towards combustion-engine cars.
This shift could mean redesigning currently EV-only platforms to accept traditional petrol engines and hybrid drivetrains if electric vehicle sales fail to meet expectations.
Currently, Porsche produces two all-electric and two plug-in hybrid models. The company has announced plans for an all-electric version of its Cayenne model and a new seven-seater SUV known as K1.
Porsche will phase out its current Boxster and Cayman models by the end of 2025.
The company acknowledged that the transition to electric vehicles is progressing more slowly than anticipated.
A Porsche spokesperson emphasised the company’s commitment to a flexible drivetrain strategy.
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They added: “During the transformation phase it is very important to have a flexible range of drivetrains, because the framework conditions change and the different regions of the world develop at different speeds.
“The change to electric cars is taking longer than we assumed five years ago. We are therefore currently taking a very close, customer-oriented look at how we are positioning our portfolio.”