America’s cooling interest in electric vehicles is causing Europe’s automakers to tap the brakes.
As the Trump administration ends subsides and regulations that support EVs, European automakers with a strong U.S. presence are paring back their battery-only offerings.
The most recent is Porsche, which last week declared that it would pivot partly back to making gasoline-powered and hybrid vehicles. That cost its parent company Volkswagen Group $6 billion and caused shares in both companies to drop.
“The market launch of certain all-electric vehicle models is planned to take place at a later date,” Porsche said in a statement. “This is the company’s response to the significant slower growth of the demand for exclusive battery-electric vehicles.”
