EV Porsche 718 Boxster, Cayman May Be on the Chopping Block as Company Reassesses Strategy: Report [Yahoo! Finance]
PORSCHE AUTOMBL UNSP/ADR (POAHY)
NASDAQ:AMEX Investor Relations:
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Source: Yahoo! Finance
According to a report by Bloomberg , people familiar with the matter have said that recently appointed Porsche CEO Michael Leiters may cancel the 718 EV program as the company faces budget constraints and pressure to raise profits. The future of the Porsche 718 lineup has been murky, to say the least, ever since it was originally announced that the current 718 lineup would go out of production and be replaced with an all-electric line. Then Porsche shifted gears, and announced that top of the line 718s may get combustion engines after all. The automaker seemed to change direction again at the end of last year, as reports swirled about the next-generation 718 being adapted to fit internal combustion engines across the range , not just at the top, that would be sold alongside the EVs. Porsche is facing an uphill battle to get their budget under control. Slumping sales in China and revisions to their EV strategy have seen profits fall, and with development delays and rising expenses
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