Porsche is the latest company to cancel plans to take much of its line-up electric by the end of the decade. At a recent Annual General Meeting with investors the German sports car maker said, “it would be a significantly longer transition phase globally, on the journey to electric mobility.” The slower than expected transition putting pressure on the company’s bottom line. According to Porsche CEO, Dr. Oliver Blume, “the world has changed – we are experiencing a fierce storm, in challenging times we are continuing to develop Porsche with a precise focus.” Previously announcing that most of its models would join its Macan SUV with electric powertrains Porsche is now making major changes. But the change of plan will come at a cost, the company confirming it will cut around 3,900 jobs by 2029 in order to save money in the long term.

IMAGE CREDIT / Porsche

Download this podcast here