In March 2022, Porsche announced an ambitious goal for electric vehicles (EVs) to account for over 80 percent of its sales by the end of the decade. However, a company official has admitted that the transition to EVs is slower than anticipated. Despite this, Porsche’s EV agenda remains intact, with plans to phase out gas-powered models such as the 718 Boxster and 718 Cayman by 2025 and introduce fully electric replacements. The Macan will also be replaced by an electric model in 2026, and the Cayenne is set to go electric in the near future. The Panamera may also evolve into an EV positioned above the Taycan, while a 911 EV is not planned for the current decade.
Porsche is not the only luxury brand facing challenges with EV adoption. Bentley and Mercedes have also revised their electrification goals due to slower than expected uptake. Audi is considering ending production of certain electric models due to poor sales, which could result in the closure of its Brussels plant. Jaguar is also making big moves towards an all-electric lineup, discontinuing all current models except the F-Pace as it transitions to an exclusively electric brand. Ford and Volkswagen have also faced setbacks in their EV plans, with Ford retracting its goal of an all-EV passenger car lineup by 2030 and Volkswagen postponing the launch of the ID.7 in the US.
Some automakers, such as Toyota and BMW, have taken a more cautious approach to EV adoption, with Toyota’s chairman believing electric cars will not surpass a 30 percent market share. BMW aims for EVs to represent 50 percent of its sales by the end of the decade but has not set a definite timeline for phasing out gas cars. Automakers are facing challenges with meeting strict emissions regulations while also developing EV lineups, leading to the discontinuation of less popular car models in favor of crossovers and SUVs.
Overall, the automotive industry is experiencing a shift towards electric vehicles, but challenges such as slower than expected adoption rates, poor sales of certain EV models, and the high cost of developing EV lineups are impacting the pace of this transition. Automakers are adjusting their strategies to meet changing market demands and regulatory requirements while balancing the transition to electric technologies.