Germany's Porsche pauses shift to EVs as profits tank [video]
6 months ago
- #Porsche
- #Electric Vehicles
- #Automotive Industry
- Porsche faces a billion-euro setback due to slowing its electric vehicle (EV) rollout and returning to petrol cars.
- The company is struggling with costly strategy shifts, weaker EV demand, a slump in China's luxury market, and US tariff hikes under President Donald Trump.
- Parent company Volkswagen has absorbed a €5 billion loss as a result of these challenges.
- Porsche has appointed ex-McLaren CEO Michael Leiters to lead a turnaround strategy.