Porsche Refines Its Electric Vehicle Strategy Amid Taycan Sales Slump and Demand for Traditional Engines and Hybrids
Porsche is making some radical changes to its electrification strategy as it grapples with dwindling sales of its Taycan model and customers’ stubborn loyalty to internal combustion engines. For a brand that has so far appeared wholly focused on electricity, this shift indicates Porsche’s understanding of buyer preferences and its reluctance to abandon traditional propulsion systems.
Porsche had publicly opposed Europe’s proposed internal combustion engine ban by 2035 and is now exploring ways to redesign future vehicles—initially envisioned as electric—to accommodate hybrid engines as well. But doing so would require a herculean effort and significant financial investment to materialize.
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The next-generation 718 Boxster and Cayman sports cars, which were signed off as fully electric, will be unveiled in the coming months. Porsche may redesign these models to be compatible with internal combustion engines, similar to Fiat’s approach with the 500e. However, even if this idea is approved, it will take years before such a vehicle can hit the roads.
Another vehicle that Porsche had envisioned as electric but has reconsidered for internal combustion is the flagship K1 SUV, due to launch in 2028. The timing and expected size of the three-row K1 suggest it is more likely to be adapted for hybrid propulsion.
Porsche’s CFO, Lutz Meschke, stated, “Many customers in the premium and luxury segments are turning to internal combustion engine vehicles, and this is a clear trend.” Meschke added, “We will refresh our internal combustion engine models, including the Panamera and Cayenne, and of course, we will continue to rely on plug-in hybrids (PHEVs).”
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Porsche once planned to have 80% of its product range be electric by the end of this decade. The remaining 20% was to be allocated to the 911, which has seen its first hybrid variant but is not expected to go fully electric until the mid-2030s. Porsche initially succeeded with the Taycan and the electric Macan, and the upcoming 718 EV was envisioned to replace older ICE models after a period of parallel offering.
However, Taycan sales have plummeted this year, especially in the key Chinese market, despite the introduction of an upgraded version. In contrast, sales of the internal combustion-powered 718 have surged. Porsche’s operating profit dropped 26.7% to €5.5 billion ($5.95 billion) in the first three quarters of 2024 compared to the same period in 2023.
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References: Carscoops
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