Porsche tones down EV goal as adoption taking longer than expected

andreafidone/iStock Unreleased via Getty Images Germany’s Porsche ( OTCPK:POAHY ) is the latest carmaker to trim its lofty goals for a transition to electric vehicles, as customer demand and developments in the EV sector will make it difficult for the company to reach its goal of 80% of sales to be all-electric by 2030. “The transition to electric cars is taking longer than we thought five years ago,” the company said in a statement viewed by Reuters, attributing much of the delay to disparity in its three major market as robust demand in China has not been enough to compensate for sluggish demand in the U.S.

and Europe. The company’s EV lineup includes the Taycan and Taycan Cross Turismo with the Macan offered in all-electric beginning in September. More on Porsche Automobil Holding SE Porsche: A Nice 6%+ Yield From One Of The Best Luxury Automobiles Porsche reports 7% fall in 1H deliveries amid drop in China sales Seeking Alpha’s Quant Rating on Porsche Automobil Holding SE Historical earnings data for Porsche Automobil Holding SE Dividend scorecard for Porsche Automobil Holding SE.