It turns out that Porsche’s aggressive push into the world of EVs has not paid off the way the company hopped. In fact, the automaker admitted that its heavy commitment to EVs, followed by a sudden change of course, carved a €1.8 billion ($2.1 billion) hole in its operating profit. Investors reacted quickly, and Porsche shares in Frankfurt tumbled by as much as 9.3 percent, the sharpest intraday fall since its high-profile 2022 listing.
Earlier this week, Porsche made the sudden, but not unexpected announcement, that its new flagship SUV, currently known as the K1, will not launch as a fully-electric model as originally planned and instead debut with combustion and plug-in hybrid powertrains. Porsche also confirmed that range-topping versions of the next-generation 718 Cayman and Boxster will be offered with combustion engines, despite the new models originally being designed exclusively as EVs.
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