Owner Volkswagen to suffer €5bn hit as German carmaker revises long-term plans

Porsche has delayed the launch of its new electric vehicle (EV) as weak demand forces the German car manufacturer to focus on petrol and diesel engines. The Telegraph has the story.

The company, owned by Volkswagen, said the launch-date for an EV version of its new SUV had been scrapped and the model would instead be sold as a combustion engine and plug-in hybrid version.

Porsche said the delay was a “response to the significantly slower growth of the demand for exclusive battery-electric vehicles”.

Because of Porsche’s move, owner Volkswagen warned the delays would deliver a €5.1bn (£4.4bn) hit to the group’s operating profit during this financial year.

Oliver Blume, chief executive of both Porsche and Volkswagen, said in a statement: “Today we have set the final steps in the realignment of our product strategy.

“We are currently experiencing massive changes within the automotive environment. That’s why we’re realigning Porsche across the board.”

The new range was planned to be released in the 2030s, but the luxury carmaker did not give a new timeframe for the launch of the new EV series.

Porsche added that its existing combustion engine models would remain available for a longer period.

Read the full story here.