Luxury automaker Porsche announced on Monday that it anticipates the shift to electric vehicles will require more time than initially projected. This comes after the company previously set a goal for 80% of its sales to be all-electric by 2030. The revised plan now explicitly ties the target to customer demand and advancements in the electric mobility sector, indicating that the company can meet the 80% target only if these conditions are met.
"The transition to electric vehicles is taking longer than we anticipated five years ago," stated Porsche in a press release. The company clarified, "Our product strategy is designed to allow us to deliver over 80% of our vehicles as all-electric by 2030, contingent upon customer demand and the evolution of electric mobility."
Porsche has observed varying levels of EV adoption across its major markets. The demand is notably high in China, moderate in Europe, and less consistent in the United States.
In light of these challenges, Porsche emphasized the importance of its dual strategy, which involves the ongoing development of both combustion engine and electric vehicles.