German automaker Porsche ( ) — which is owned by Volkswagen ( ) — has adjusted its electric vehicle (EV) target in response to cooling global demand. The luxury automaker has stepped back from its previous goal of having 80% of its sales come from EVs by 2030. Yahoo Finance senior autos reporter breaks down the details of Porsche's revised outlook on electric vehicles, hybrids, and traditional gas-powered cars.
For more expert insight and the latest market action, click to watch this full episode of Market Domination Overtime. Video Transcript Porsche is scaling back its ev target as demand cools in Europe and China Yahoo finance to senior autos reporter Pros Romani and joins us now for more. Hey, pros pivot here from Porsche, you know, the company staying in a statement that was released in Europe earlier today, that the transition to electric vehicles will take longer than, than we assumed five years ago.
The company said um they said that this will sales will depend on demand and how EVs deal across the world, et cetera. But the big issue is that they were targeting 80% of EV sales by 2030. They're saying that's no longer the goal but they could reach it if need be, they'll have that capacity.
If customer chase change, they'll be able to do that. But kind of a little little a pivot here kind of backtrack here. Company all saying that it's, it's double strategy is more important more than ever.
That means that it's government of EVs and gas powered cars are a big deal o.