Porsche confirms expanded petrol and hybrid model range, job cuts

News Snapshot:

At the company’s annual general meeting (AGM) this week, Porsche confirmed it will “expand its product portfolio to include additional models with combustion engines and plug-in hybrid-drive systems”. Under the previous model plan, Porsche was essentially going to be an electric vehicle (EV) only manufacturer by 2030 with the exception of the 911 line, which constitutes about 20 per cent of the company’s sales. That idea is now being officially cast aside and the famed German performance car maker will instead continue to develop its existing internal combustion engine (ICE) models, while also forging ahead with its planned EVs. Know...