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German automaker Porsche (POAHY) — which is owned by Volkswagen (VOW.DE) — has adjusted its electric vehicle (EV) target in response to cooling global demand. The luxury automaker has stepped back from its previous goal of having 80% of its sales come from EVs by 2030.
Yahoo Finance senior autos reporter Pras Subramanian breaks down the details of Porsche's revised outlook on electric vehicles, hybrids, and traditional gas-powered cars.
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This post was written by Angel Smith
Porsche is scaling back its EV target as demand cools in Europe and China. Yahoo! Finance's Senior Autos Reporter Pras Subramanian joins us now for more. Hey, Pras.
Interesting pivot here from Porsche, you know, the company saying in a statement that was released in Europe earlier today that the transition to electric vehicles will take longer than we assumed five years ago, the company said. They said that this will sales will depend on demand and how EVs develop across the world, etcetera. But the big issue is that they were targeting 80% of EV sales by 2030. They're saying that's no longer the goal, but they could reach it if need be. They'll have the capacity. If customer taste changes, they'll be able to do that. But kind of a little pivot here, kind of a backtrack here. The company also saying that it's double strategy is more important more than ever. That means that's it's development of EVs and gas-powered cars are a big deal, obviously, because EV uptake is different across across the globe. In China, it's pretty high, slower in Europe, and, of course, the US a little bit sort of in a slow morass right now.
And Pras, what about hybrids? Could we see more of that instead?
Yeah, you know, Porsche's been pretty big on hybrids for quite some time now, initially with the Cayenne SUV and the Panamera sedan. They've been doing that for a few years, more so than their competitors, kind of in their more mainstream or sort of regular cars. But the new 911 is coming out, and the GTS model is powered by an innovative hybrid system. Uh, it's not really a plug-in hybrid. It's more of a mild performance-oriented hybrid, not meant for performance, but early reviews are very positive. The car apparently impressing a lot. Oodles of power, no lag in delivery when you go from sort of gas power to electric to gear changes, things like that. So another double strategy, if you will, right? Meeting emissions targets with these bigger cars with the hybrids, but then also boosting performance with the 911 and its new hybrid powertrain.
