Much has changed for Porsche since its 2022 stock market debut, and we’re not just talking about the share price, which has fallen to less than half of its peak value. Sales are down, too, and so is faith in the electric-focused future model plan Porsche had put in motion before the IPO. Now the company’s boss admits it was wrong to turn away from combustion power, and he’s taking steps to rectify the mistake.
Maybe mistake is too harsh a word. Porsche created its EV-heavy product strategy, which included phasing out the combustion 718 twins and Macan in favor of electric versions, when all the market signals pointed to sustained growth in EV sales and the brand was flying high in China. It didn’t read the signals wrong, the signals themselves proved to be wrong.
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