Porsche Revises Electric Vehicle Sales Target

Luxury carmaker Porsche has revised its ambitious target of achieving 80% all-electric vehicle sales by 2030, now explicitly linking this goal to customer demand and the broader development of the electromobility sector.

Transition Taking Longer Than Expected:

In a statement released Monday, Porsche acknowledged that the transition to electric vehicles (EVs) is progressing more slowly than anticipated. The company stated, “The transition to electric cars is taking longer than we thought five years ago.”

Previously committed to having 80% of its sales come from all-electric vehicles by 2030, Porsche has now softened this goal, emphasizing that it will depend on customer demand and advancements in electromobility.

“Our product strategy is set up such that we could deliver over 80% of our vehicles as all electric in 2030 – dependent on customer demand and the development of electromobility,” the company added.

Industry-Wide Challenges:

Porsche’s caution mirrors sentiments from carmakers like Mercedes-Benz and Renault, who have indicated that their previously set targets for fully electric sales in the coming decade may have been overly optimistic.

These companies have noted that many customers hesitate to transition away from gasoline-powered vehicles.

Disparities in Market Demand:

Porsche highlighted significant disparities in EV adoption across its key markets. While demand is robust in China, it remains slower in Europe and inconsistent in the United States. This uneven uptake underscores automakers’ challenges in meeting their EV sales targets.

Continued Dual Strategy:

In response to these challenges, Porsche reiterated the importance of its dual strategy, which involves continuing to develop combustion engines and electrified cars.

“Our double strategy is more important than ever,” the company stated, emphasizing its commitment to catering to varied customer preferences and market conditions.