Iconic automaker Porsche is the latest German manufacturer to cut back on ambitious EV targets as the entire European supply chain slowly grinds to a halt.Rising concerns about EV capital costs, uncertainties around a number of elections this year — especially in the US — and a shortage of rapid-charging stations are the three key factors in slowing the EV momentum.Porsche was previously aiming for 80% of its sales to be all-electric by 2030 but on Monday said it will instead give its customers what they gas — gasoline powered engines, possibly offset with hybrid technology.."The transition to electric cars is taking longer than we thought five years ago," Porsche said in a statement."Our product strategy is set up such that we could deliver over 80% of our vehicles as all electric in 2030 — dependent on customer demand and the development of electromobility."Porsche said it is struggling with low EV sales depending on which market it happens to be in, with demand far ahead in Asia, slower in Europe and “spotty” in the US, which accounts for the lion’s share of its sales."Our double strategy is more important than ever," Porsche said, referring to its continued development of both combustion engine and electrified cars..But Porsche isn’t alone. In recent months, Mercedes, Renault, Volkswagen and even Volvo have reported declining EV sales. Last week Volvo reported that booked EV orders were down 16% in the first quarter of this year.“Electrification, underlying electric demand, is slowing down currently, and the switch over to zero-emission transport is still driven by early adopters,” CEO Martin Lundstedt said on a conference call.In a case of adding insult to injury, its best-selling Volvo EX30 is facing potential EU tariffs “Even if there is a short-term hesitation, we all know both from a business perspective, but also from a societal perspective, that we need to deliver on these targets in order to be truly sustainable moving forward.”
