Porsche, owned by Volkswagen, delays launch of new electric vehicle due to weak demand, focusing on petrol and diesel engines instead. The move will cost Volkswagen €5.1bn in operating profit this financial year. Porsche CEO Oliver Blume cites “massive changes” in the automotive industry. The luxury carmaker did not provide a new timeframe for the launch of its EV series, while existing combustion engine models will remain available for longer. Volkswagen will take a €3bn hit to its shares in Porsche and a €2.1bn hit to operating profits. The group cuts its forecast for operating profit margins for 2025. Europe’s car manufacturers are facing challenges from EV competition and import tariffs. Industry leaders call on the EU to relax emission targets set for 2035.

Read more at Yahoo Finance: Porsche delays new electric car after demand slump