Porsche Abandons 80% EV Sales Goal

Porsche is adjusting its electric vehicle (EV) ambitions, abandoning its goal of 80% EV sales by 2030 due to weaker-than-expected demand and supply chain disruptions. The luxury carmaker has experienced a drop in global deliveries, particularly in China, and struggles with low EV sales. An aluminum supply shortage has exacerbated the situation, leading to potential production shutdowns and a reduced revenue forecast. Shares of Porsche fell nearly 8% following these announcements. This move aligns with similar shifts by other automakers like Mercedes-Benz and Ford, who are also scaling back their EV targets amid weak consumer demand.