VWAGY - Volkswagen Gears Up To Capitalize On Elon Musk's Tesla Struggling With Sales: Subsidiary Porsche Accelerates Shift To EVs Days After German Auto Giant's Rivian Investment | Benzinga
Porsche AG (OTC:POAHY) has decided to end the production of some of its internal combustion engine models earlier than planned, as the company accelerates its transition to electric vehicles.
This comes after Porsche’s parent company Volkswagen (OTC:VWAGY) recently invested $5 billion in Rivian Automotive (NASDAQ:RIVN), a rival to Elon Musk‘s Tesla Inc. (NASDAQ:TSLA), as part of its global expansion strategy in the electric vehicle market.
What Happened: The German automaker will discontinue the production of petrol-powered versions of its SUV model Macan for non-European markets by 2026, earlier than initially projected, reported Reuters. The company will then focus on electric versions of the Macan to further its sustainability agenda.
Production of the combustion engine versions of the Boxster ...