Porsche Acts to Save Itself from the EV Evangelists and Its Own Foolish Bet

A loyal reader sent me this news a day or two ago about the perils faced by Porsche from its EV commitment as it labors to walk it back and save the company. Here are the key excerpts (emphasis added):

Life isn't so easy for automotive manufacturers right now. Take Porsche, which just published preliminary financial numbers for last year and projections for 2025…

Sales were down 28 percent in China last year and 3 percent overall. Worse yet, profit margins are just over 10 percent, far below the 18 percent the company was targeting.

As a result, Porsche says it's taking "extensive measures" to improve profitability, including adding more internal combustion and plug-in hybrid vehicles to go with the slow-selling EVs. All told, the company expects to spend $830 million (800 million euros) on expanding its non-battery EV lineup in 2025.

If you’ve followed the videos we’ve posted from The MacMaster about his Porsche, you know why EV buyers are becoming more scarce by the day. Every car company is pulling in its horns after bragging, less than two years ago, about how it was transitioning to all EVs in short order. Now, every automaker wants to call a hydrid an EV and to get back to promoting gas and diesel vehicles. Just amazing, isn’t it, how little time it took to get back to reality?

Geoff at, Geoff Buys Cars, has some thoughts on this:

It’s all good news, of course. Buyers and a free people have spoken.

#Porsche #EVs #ICEvehicles #Sales