Porsche is the latest company to cancel plans to take much of its line-up
electric by the end of the decade. At a recent Annual General Meeting with
investors the German sports car maker said, “it would be a significantly
longer transition phase globally, on the journey to electric mobility.” The
slower than expected transition putting pressure on the company’s bottom
line. According to Porsche CEO, Dr. Oliver Blume, “the world has changed
– we are experiencing a fierce storm, in challenging times we are
continuing to develop Porsche with a precise focus.” Previously
announcing that most of its models would join its Macan SUV with electric
powertrains Porsche is now making major changes. But the change of plan
will come at a cost, the company confirming it will cut around 3,900 jobs by
2029 in order to save money in the long term.