Porsche Scales Back EVs, Shifts to Petrol and Hybrid Models

Under incoming CEO Michael Leiters, Porsche is scaling back its EV strategy. The move marks a major revision of Porsche EV strategy in response to market headwinds. New U.S. tariffs on European imports and a 40% drop in EV sales in China since 2022 have hit profitability. The automaker canceled its planned all-electric SUV and booked a €1.8 billion impairment. Leiters will redirect investment to petrol and hybrid models, reviving Macan and Cayman variants. Porsche now forecasts a 2025 operating margin of just 0–2%, down from 14%, and plans to cut 3,900 jobs by 2029 to contain costs. Analysts say this shift may shore up short-term margins but risks leaving Porsche behind in the long-term EV race. Crypto traders should watch for broader impacts on tech sector investment and supply-chain costs.