Porsche CEO Defends EV Strategy Amidst Petrol Push

Michael Leiters, Porsche's chief executive since January, has defended the company's electric vehicle strategy against accusations of skepticism. He emphasized that the plan to revitalize petrol models, including a new combustion engine version of the best-selling Macan in 2028, is aimed at restoring profits hit by the ambitious shift to EVs. Leiters stated it is unfair to label him an EV skeptic, highlighting that Porsche is still developing the electric 718 sports car.

However, Leiters confirmed that a fully electric version of the iconic 911 model is not planned. The company is also streamlining operations, including a deal with unions to cut approximately 9,000 jobs by 2035. This restructuring is partly a response to declining sales in China and the high costs associated with EV development. Leiters noted that achieving cost parity between EVs and petrol models remains a challenge.

Porsche has already taken steps to reduce its EV strategy's scale, shutting down subsidiaries for electric bikes, batteries, and software. The company also sold stakes in Bugatti Rimac and the Rimac Group. Leiters expects a more realistic outlook for China and aims to significantly lower the break-even point, acknowledging that China continues to present a substantial challenge due to intense market competition.