Porsche will keep gas-powered and hybrid vehicles alive as EV sales slow

In a drastic shift of plans, Porsche’s upcoming EV lineup may not be so electric after all. The luxury brand plans to launch a new series of gas-powered vehicles and hybrids as it deals with slowing EV sales.

Porsche shifts EV plans with gas and hybrids coming

After backing off its goal of having electric vehicles account for 80% of total sales by 2030 in July, it looks like Porsche is backtracking on more EV initiatives.

With sales of its sole EV, the Taycan, down 50% through the first nine months of 2024, Porsche CFO Lutz Meschke acknowledged on the company’s Q3 earnings call that it is seeing “a slowdown in the BEV transition.”

Porsche’s struggles are not limited to just China, where an influx of more advanced, low-cost competitors are flooding the market, but also Europe and the US. The slowdown comes despite Porsche launching the upgraded 2025 Taycan earlier this year with more range, performance, and enhanced design.

Meschke told investors, “A lot of customers, first of all, in the premium and luxury segment are looking in the direction of combustion engine cars.”

As a result, Porsche plans to launch a series of new gas and hybrid models. The company’s CFO explained “We will refresh also our combustion engine cars. For instance, the Panamera and the Cayenne.”

The shift comes as deliveries of the first electric Porsche Macan are still ramping up. With its first full sales quarter, Porsche expects to see higher EV demand in the fourth quarter.

Despite the second-gen Macan launching exclusively as an EV, Porsche now plans to keep the gas-powered Model alive in key markets, including the US.

Porsche teased the upcoming electric Cayenne this summer, but the company also said gas and hybrids are in the works.

Following the Macan EV, Porsche will launch an electric 718, which is expected to debut later this year. The highly anticipated Porsche Cayenne EV is scheduled for its big debut in 2026. After that, Porsche plans to launch an ultra-luxury electric SUV to sit above the Cayenne, codenamed “SUV K1” internally.

Source: Automotive News, Porsche AG