Porsche has reversed course on its electric vehicle commitment, with the legendary carmaker now conceding that gasoline engines are here to stay.
Merely two years prior, the famed German company projected that by 2030, 80 percent of its cars would be entirely electric.
But leadership at Porsche has acknowledged that continued production of petrol-engine models might be necessary as the EV market sees waning demand.
This shift in strategy suggests that models such as the upcoming Macan, Vixter, and Cayman, initially slated for an all-electric release, could potentially be introduced with accompanying petrol or hybrid variants.
According to data released in Porsches recent financial statements, their purely electric Taycan model saw a significant sales decline.
In the third quarter, the electric sports car experienced a savage 50 percent drop in sales from the preceding quarter.
Lutz Meschke, the CFO of Porsche, has voiced the company’s recalibrated focus following this disclosure.
During his talk with Automotive News Europe, Meschke remarked: “What is clear is that we are sticking with the combustion engine for much longer.”
Hints of Porsches second thoughts on its electric vision had been emerging over past weeks.
The automaker also recently solidified its allegiance to internal combustion, announcing that their brutal V8 engine powering some Cayenne and Panamera versions will continue production “well into the 2030s”.
Porsche joins a list of car manufacturers who have recognized their ongoing investment in internal combustion tech isnt quite over yet.
This year, Aston Martin’s leader Lawrence Stroll conceded that there has been a “lack of consumer demand” for electric vehicles.
He acknowledged that the shift towards EVs is likely to be more protracted than expected and made it clear that the iconic British maker will continue producing petrol-driven cars well into the future.
His statement read: “As long as we’re allowed legally to keep making them, we will keep making them.”
Last month also saw Mercedes-Benz CEO Ola Kallenius affirm that the premium automaker plans to maintain its production of petrol models in addition to expanding its electric lineup.
Meanwhile, Ford’s chief Jim Farley has previously indicated that the American auto heavyweight would heighten its investment in EV technology only if there’s a notable pickup in sales.
In Japan, automakers like Mazda, Subaru, and Toyota are actively developing new engines designed to be powered by carbon-neutral biofuels.
These industry updates coincide with recent indications from the Government hinting at potential adjustments to the rigorous Zero Emissions Vehicle (ZEV) mandatea regulation compelling manufacturers to meet certain quotas for electric vehicle production or face financial penalties.
However, reports suggest that carmakers are being forced to offer significant discounts on some electric vehicles, selling them below the sticker price just to comply with the mandates and avoid hefty fines.