E-sports cars may go

Porsche is considering canning its 718 electric sports-car line to reduce costs that have spiralled.

New chief executive officer Michael Leiters may scrap the planned Boxster and Cayman EVs because of development delays and rising expenses, according to sources of Automotive News.

The petrol versions of the two models for years proved a relatively affordable path to owning a Porsche, with starting prices at about €70,000, or around NZ$136,700. They were discontinued last year. The Cayman S is pictured above.

Dropping the Boxster and Cayman BEVs may be necessary because the marque faces budget constraints because of declining sales in China and the cost of reversing its EV strategy.

Deliberations to add a plug-in hybrid variant have complicated matters because such a car would nee different underpinnings. That would delay the project by several years, putting Porsche at risk of introducing older technology when it needs to generate excitement in the market.

While scrapping the 718 BEV line-up is one option Leiters is considering, the sources say he has yet to make a final decision.

Leiters took up his position on January 1 from Oliver Blume. He’s under pressure to balance spending constraints with concerns over underused factories due to lower-than-expected demand for Porsche’s EVs.

The company is shifting back to combustion engines and hybrids after cutting its guidance four times last year. Porsche says its EV course correction would reduce operating profit by up to €1.8 billion this year. In addition, it’s grappling with import tariffs in America, its biggest single market.