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Porsche shares slide as profit guidance cut on weak EV demand
(Sharecast News) - Shares in luxury German car maker Porsche fell sharply on Monday after the company delayed the launch of some electric models and cut its earnings outlook.
Porsche on Friday said the delay would hit profit margins and slashed its forecast to a maximum of 2%, down from a previously guidance of 5-7%.
Meanwhile parent company Volkswagen, said it would take a €5.1bn hit as a result. VW owns 75.4% of Porsche and cut its own profit margin outlook to 2-3% from 4-5%, while holding company Porsche SE also cut its profit guidance.
Porsche last week said the electric vehicle version of its new SUV had been scrapped and the model would instead be sold as a combustion engine and plug-in hybrid version. It cited a "significantly slower growth of the demand for exclusive battery-electric vehicles".
The new range was planned to be released in the 2030s, but the luxury carmaker did not give a new timeframe for the launch of the new EV series. It added that existing combustion engine models would remain available for a longer period.
Reporting by Frank Prenesti for Sharecast.com
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