Loading ...Porsche Hits Brakes On EV Ambitions, Suffers Another Guidance Cut As Shares Drop Most On Record
Earlier today, shares of Porsche AG in Germany plunged the most on record after the struggling sports car maker announced it would scale back its electric vehicle (EV) rollout. Porsche scrapped plans for a future battery-powered luxury SUV and shifted focus back to petrol-powered engines and hybrid models. This move will result in a $2.1 billion hit to operating profit and force both Porsche and its parent, Volkswagen AG, to revise their full-year forecasts.