People who want a premium auto or SUV, don't want an EV. Porsche bets on return to gas engines as EV sales and China deliveries slump
Porsche went through an Initial Public Offering in 2022. The stock price is down 50% since the all-time high, which came in April of 2023.
Current CEO Michael Leiters has been in place at the German automaker since January and is slowly rolling out his turnaround plan. Part of that is betting a return to gas engines for the luxury brand will cure what ails Stuttgart-based Porsche.
Porsche dropped gas engines for their Macan compact luxury crossover SUV. They have seen a "lack of demand" for the all electric vehicle.
Leiters plans to bring back the combustion-engine Macan to sell alongside the electric version while ruling out a fully electric 911 sports car, something Porsche has said in the past it is unwilling to do. He told the FT that calling him an EV skeptic is "unfair."
He is just trying to keep the company in business.
The gas Macan will apparently be out of production for an entire model year, which is a not a good thing, for one of the higher-selling vehicles in their lineup.
The sales in China have apparently also collapsed.
At least they kept the gas-engine in Porsche 911.
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