Porsche scales back EV target as global demand cools

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

Video transcript

Porsche is scaling back its ev target as demand cools in Europe and China Yahoo finance to senior autos reporter Pros Romani and joins us now for more.

Hey, pros pivot here from Porsche, you know, the company staying in a statement that was released in Europe earlier today, that the transition to electric vehicles will take longer than, than we assumed five years ago.

The company said um they said that this will sales will depend on demand and how EVs deal across the world, et cetera.

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 that capacity.

If customer chase change, they'll be able to do that.

But kind of a little little a pivot here kind of backtrack here.

Company all saying that it's, it's double strategy is more important more than ever.

That means that it's government 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 USA little bit sort of in a slow morass right now and pross, what about hybrids?

Could we see more of that instead?

Yeah.

You know, Josh, you know, Porsche has been pretty big on hybrids for quite some time now.

Uh, initially with the Cayenne Suv and the Panamera sedan, they've been doing that for, for a few years and more than, more so than their competitors, uh, kind of in their more, uh, 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 hybrids, 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 powered 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.