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A flag outside the U.S. Securities and Exchange Commission headquarters in Washington, Feb. 23, 2022.

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Regulators around the world from Europe to Asia ramped up efforts to bring about formal laws for digital currencies in 2023 — but it was the U.S. that took some of the harshest legal actions against major players in the industry.

In a year that saw crypto heavyweight Binance ordered to pay more than $4 billion to U.S. authorities and its former CEO’s guilty plea, along with high-profile lawsuits against five crypto companies by the Securities and Exchange Commission, regulators overseas have been equally busy both adopting new legislation — and pushing for more — to rein in the sector’s bad actors.

Here’s the state of play globally for crypto regulation and enforcement in 2023 — and a look at what to expect in 2024.

U.S. tops the list globally for enforcement

The U.S. has proven to be one of the most active enforcers of penalties and legal action against crypto companies this year, as authorities looked to counter bad practices in the industry following the collapse of Sam Bankman-Fried’s crypto empire — including his FTX exchange and sister firm Alameda Research.

“To be clear, in some cases — like FTX — enforcement was necessary,” said Renato Mariotti, a former prosecutor in the U.S. Justice Department’s Securities and Commodities Fraud Section. “But U.S. enforcement actions against market participants that are more focused on compliance are questionable and the result of the U.S. ‘regulation by enforcement’ approach.”

While many regions have passed laws with potentially tough penalties, the U.S. is still the only country that has actively taken action against large-scale crypto companies and projects. Thus far, the U.S. has led that campaign against crypto firms by enforcement and has, by far, been the most punishing of regulators when it comes to penalties and fines.

“Other countries have a comprehensive regulatory framework in place. We don’t,” Mariotti told CNBC. “As a result, issues that should be determined by legislation or regulation are instead litigated.”

Sam Bankman-Fried set to testify at fraud trial in what experts deem a major gamble for the case

Indeed, in the absence of hard-and-fast rules from Capitol Hill, the SEC, the Commodity Futures Trading Commission, the Department of Justice, and Treasury’s Financial Crimes Enforcement Network (FinCen), have worked in parallel to police the space, in a sort of patch-quilt version of regulation-by-enforcement.

Richard Levin, a partner at Nelson Mullins Riley & Scarborough who has represented clients before the SEC, CFTC, and Congress, tells CNBC that these agencies have been some of the most active enforcers around the world concerning the regulation of digital assets and cryptocurrencies.

“These agencies have provided guidance to the industry on how digital assets and cryptocurrencies must be offered and sold, traded, and held by custodians,” said Levin, who has been involved in the fintech sector for 30 years.

“However, much of their work has involved providing guidance to the industry through enforcement actions,” continued Levin.

Since 2019, Justice’s Market Integrity and Major Frauds Unit has charged cryptocurrency fraud cases involving over $2 billion in intended financial losses to investors worldwide.

In its annual report summing up enforcement actions, the CFTC noted that nearly half of all cases in 2023 involved conduct related to digital asset commodities. Meanwhile, the SEC highlighted that 2023 was notable for its enforcement of “crypto-related misconduct, including fraud schemes, unregistered crypto assets and platforms, and illegal celebrity touting.” Since 2014, the SEC has brought more than 200 actions related to crypto asset and cyber enforcement.

The most stringent cases played out in the first half of the year when the SEC accused Binance and Coinbase of engaging in illegal securities dealing in a pair of lawsuits.

Most notably, the SEC alleges that at least 13 crypto assets available to Coinbase customers — including Solana’s sol, Cardano’s ada, and Protocol Labs’ filecoin — should be considered securities, meaning they’d need to be subject to strict transparency and disclosure requirements.

In Binance’s case, the SEC went a step further. In addition to securities law violations, the company and its co-founder and CEO Changpeng Zhao were also accused of commingling customer assets with company funds.

Concerning criminal enforcement, Damian Williams, the U.S. attorney for the Southern District of New York, has been leading some of Justice’s highest-profile crypto prosecutions, including the monthlong trial of Bankman-Fried, the disgraced FTX founder. In November, a jury found the former FTX chief executive guilty of all seven criminal counts against him following a few hours of deliberation. 

Crypto leaders consider moving business outside of the U.S. regulatory space

But crypto companies have begun to push back, with some threatening to decamp from the U.S. entirely should this dynamic of policing by enforcement continue.

Coinbase CEO Brian Armstrong condemned the SEC’s actions against the exchange and suggested the company may be forced to move its headquarters overseas. Armstrong later walked back the threat of relocating abroad, but Coinbase and other major crypto firms have still begun to invest more heavily in their international operations.

Crypto market participants nevertheless hope that the spate of legal challenges brought to crypto companies in 2023 will bring clarity in the form of new regulations.

“Clearer regulatory frameworks and stance from regulators globally have provided a sense of legitimacy and security, encouraging more widespread participation in the bitcoin market,” Alyse Killeen, managing partner of Stillmark Capital, told CNBC.

The crypto industry saw the most legislative progress on crypto laws in the U.S. this year, with one of the competing digital asset bills making it past multiple House committees for the first time.

Even as U.S. lawmakers take steps toward crypto legislation, there remains no law in the U.S. tailored specifically for the industry. Nelson Mullins Riley & Scarborough’s Levin tells CNBC it’s unlikely that we’ll see much progress in a presidential election year and with a divided federal government.

He argues that even without rules on crypto from lawmakers, routine complaints that U.S. regulators are not providing guidance to the industry are without merit.

According to Levin, “The SEC, the CFTC and FinCEN routinely provide informal guidance on the regulation of digital assets and cryptocurrencies.”

“The SEC even went so far as to provide a framework for the analysis of digital assets and cryptocurrencies. The SEC also created a fake digital asset (Hosey Coin) that gave advice to the FinTech community on how not to launch a digital asset,” Levin added.

“Some members of the industry forget the SEC is relying on laws that were written when American football players wore leather helmets, and the SEC must apply those laws to the FinTech industry,” he said.

Despite crypto’s recent fading buzz, Killeen of Stillmark Capital doesn’t expect regulators to become fatigued by crypto in 2024. In the same time year that two of crypto’s leading figures were sent to jail, shares of Coinbase — and prices of digital currencies like bitcoin and ether — have rallied sharply.

Since the start of this year, Coinbase’s stock price has surged more than 400%. Bitcoin and ether, meanwhile, have both roughly doubled in price. That’s as investors anticipate that approval for a bitcoin exchange-traded fund by the SEC may be around the corner.

Coinbase responds to SEC's threat of formal charges

Europe

The European Union looks set to apply its Markets in Crypto-Assets legislation, which is aimed at taming the “Wild West” of the crypto industry, in full force starting next year.

The law, initially proposed in 2019 as a response to Meta’s digital currency project Diem, formerly known as Libra, aimed to clean up fraud, money laundering and other illicit financing in the crypto space, and stamp out the sector’s bad actors more broadly.

Read more about tech and crypto from CNBC Pro

It also sought to tackle a perceived threat from so-called stablecoins, or blockchain-based tokens that serve as a representation of government money but are backed by private companies. Stablecoins are effectively digital currencies that are pegged to the value of fiat currencies like the dollar.

While tether and Circle’s USDC aren’t perceived as “systemic” assets capable of disrupting financial stability, a private stablecoin from a massive company like Meta, Visa or Mastercard could pose a bigger threat and potentially undermine sovereign currencies, in several EU central bankers’ eyes.

The U.S.’s dominant role in global finance and its focus on consumer protection plays a crucial role in its leading position in crypto regulation enforcement. However, the landscape is evolving, and other jurisdictions are steadily enhancing their regulatory and enforcement frameworks in crypto.

Braden Perry

Former federal enforcement attorney and current partner at

Part of the EU’s framework for crypto is aimed at tackling threats — particularly that of the euro being undermined — by making it impossible for issuers to mint stablecoins backed by currencies other than the euro, like the U.S. dollar, once they meet the threshold of more than 1 million transactions per day.

Meanwhile, the European Union is moving towards a unified regulatory framework for cryptocurrencies with its Markets in Crypto-Assets Regulation (MiCA).

This year, the three main political institutions of the EU-approved MiCA, paving the way for the regulation to become law. MiCA came into force in June 2023, but it’s not expected to apply fully until December 2024.

Companies are already getting ready to take advantage of the new rules, with Coinbase submitting an application for a universal MiCA license in Ireland. If and when it is approved, this would allow Coinbase to “passport” its services into other countries like Germany, France, Italy, and the Netherlands.

Bitcoin tops $41,000 as investor appetite for ETF grows

Braden Perry, former federal enforcement attorney and current partner at law firm Kennyhertz Perry, said that while the U.S. remains a top enforcer for the crypto industry, its perception as a regulator “may be diminishing,” as other jurisdictions have stepped in with clearer rules.

“This perception stems from the proactive measures taken by U.S. regulatory bodies like the SEC, CFTC, and IRS, especially in addressing fraud and security issues in the crypto market. High-profile legal actions in the U.S. further cement its image as a strict enforcer,” he said.

“However, other regions, including Singapore, Dubai, Hong Kong, and the European Union, are also developing robust regulatory frameworks,” Perry added. “While these regions may not be as visible in international media for enforcement actions, they possess significant and sometimes stringent regulatory mechanisms.”

But while the broader EU has been racing to implement new crypto laws, individual European countries haven’t been resting on their laurels.

France has been tempting crypto companies and traders alike to its shores with the promise of tax cuts on crypto profits and a smoother registration process for digital asset firms.

Starting from Jan 1, 2024, France’s Financial Markets Authority, or AMF, is set to amend its registration requirements for crypto firms to better align with MiCA, according to an August statement from the regulator.

At the same time, French authorities have kept a skeptical eye on fraudulent activity among various crypto players. In September, French regulators added 22 fraudulent websites — including some that market trading in crypto and crypto-linked derivatives — to a blacklist of unauthorized foreign exchange providers.

In Germany, meanwhile, the financial regulator Bafin has said it wants to accelerate its approach to licensing crypto custody services, as part of a broader effort to instill trust and transparency in the crypto market.

The U.K., a non-member of the EU, passed a law in June that gives regulators the ability to oversee stablecoins. But there are no concrete rules for crypto just yet.

The U.K.’s Treasury department released its response to a consultation on new crypto rules earlier this year, confirming that it plans to bring a range of crypto activities, including crypto custody and lending, within existing laws governing financial services firms in the country.

Australia and India are home to most top fintech companies in APAC: Statista and CNBC report

Asia

Earlier this year, the Monetary Authority of Singapore, which is recognized for clear fintech and crypto regulations that do not rely heavily on enforcement actions, finalized rules for stablecoins, making it one of the world’s first jurisdictions to do so.

Singapore was notably bruised by the collapse of TerraUSD, a controversial algorithmic stablecoin, in 2022, as well as the fall of Three Arrows Capital, or 3AC. Both Terra Labs, the company behind Terra, and 3AC were headquartered in Singapore.

Singapore’s new framework requires stablecoin issuers to back them with low-risk and highly-liquid assets, which must equal or exceed the value of tokens in circulation at all times, return the par value of the digital currency to holders within five business days of a redemption request, and disclose audit results of reserves to users.

Hong Kong, meanwhile, is undergoing a public consultation on stablecoins and seeks to introduce regulation next year.

The region has been increasingly warming to crypto assets, despite a broader anti-crypto push from China, which banned bitcoin trading and mining in 2021.

The Hong Kong Securities and Futures Commission, or SFC, launched a registration regime for digital asset businesses earlier this year, with clear regulations for crypto exchanges and funds.

So far, only two firms, OSL Digital and Hash Blockchain, have been handed licenses.

CNBC and Statista announce top 200 global fintech companies

The Middle East and Africa

The United Arab Emirates has emerged as a popular base for the fintech sector more broadly, given its lack of personal income tax, flexible visa policies, and competitive incentives for international businesses and workers.

In 2022, in a bid to lead the virtual assets sector in the Middle East and Africa, Dubai — the UAE’s most populous city — launched VARA, or the Virtual Asset Regulatory Authority.

“Dubai and the UAE have created favorable conditions for cryptocurrency businesses, offering specific zones and guidelines for crypto trading,” said Perry.

Blockchain analytics firm Chainalysis notes that regulators in the UAE were early to cryptocurrency, with Dubai leading the charge when it launched a blockchain strategy in 2016.

“Since then, UAE regulators have remained at the forefront of the industry,” according to a Chainalysis report.

Two years later, in 2018, Abu Dhabi Global Market created the world’s first regulatory framework for cryptocurrency to foster innovation while safeguarding consumers.

Earlier this year, the UAE passed further crypto regulations at the federal level to make it easier for regulators like VARA to police the sector and run economic-free zones.

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Lectric launches long-range XP Trike2 750 with $493 preorder bundle, Bluetti backpack stations from $199 low, Rad Power, more

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August 27, 2025

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Lectric launches long-range XP Trike2 750 with 3 preorder bundle, Bluetti backpack stations from 9 low, Rad Power, more

We’ve got another big EV release headlining today’s Green Deals, as Lectric has officially launched its new XP Trike2 750 Long-Range eTrike for preorder with a $493 bundle at $1,799 – and you’ll also find the new standard XP Trike2 getting its largest post-launch bundle yet. Next, Bluetti’s latest sale has some 48-hour flash offers alongside some top backup support picks, led by the returning low prices on the Handsfree 1 and 2 Backpack Power Stations starting from $199. There’s also Rad Power’s pet-focused accessory deals for National Dog Day that are joining its ongoing Labor Day Sale, as well as an EGO chainsaw offer, a one-day-only Fremo power station low, and more waiting for you below. Plus, all the hangover savings are at the bottom of the page, like yesterday’s first-ever Ride1Up VORSA e-bike discount, the Segway Navimow robot lawn mower Labor Day savings, and more.

Head below for other New Green Deals we’ve found today and, of course, Electrek’s best EV buying and leasing deals. Also, check out the new Electrek Tesla Shop for the best deals on Tesla accessories.

Review: The ST3 Pro e-scooter brings serious suspension alongside smart controls and more as Navee’s latest flagship

As a long-time rider of Segway electric scooters, my expectations are quite high for new brands looking to climb their way up to the standard that the household-name has set in stone at this point. Only within the last few months did Navee come onto my radar, with the brand offering me the chance to test out its latest flagship model, the ST3 Pro Electric Scooter, which has been quite the surprise, to say the least. At first, it seemed like it was full of gimmicks that were destined to fail, but after riding around for several weeks now, I can happily say that Segway may just have found a new challenger. Head below to get my hands-on impressions of this high-end e-scooter that still retains accessible pricing for the stunning list of features.

To get our full hands-on impression of this new flagship e-scooter, be sure to check out our review here.

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man and woman riding Lectric XP Trike2 750 e-bikes down residential street

Lectric launches upgraded XP Trike2 750 long-range eTrike for preorder with a $493 bundle at $1,799, more

As part of Lectric’s ongoing Labor Day Sale, the brand has officially launched its new XP Trike2 750 Long-Range eTrike with a $493 bundle for preorder at $1,799 shipped, while the standard XP Trike2 is seeing its biggest bundle yet of $242 in free gear at $1,499 shipped. The standard model only hit the market last month during the brand’s Prime Day sale with a $227 bundle, which is now increased to a $242 value, whereas the new long-range variant is starting with over double the value of bundled free gear. This new model will be getting steel-encased front and rear cargo baskets, a support seat with a backrest, an Elite headlight, a suspension seat post, a pair of mirrors, and an accordion-style bike lock. Head below to learn more about these two models or check out the brand’s full lineup of Labor Day deals here.

Lectric’s eTrikes have been among the most popular on the market, and this new generation takes everything fans have loved and goes even further with the upgrades (not to mention the wide array of colorway options). Starting with the variances, the standard XP Trike2 sports a Stealth M24 500W rear hub motor (peaking at 1,092W) and a 624Wh battery combo, while Lectric’s newer XP Trike2 750, as the name implies, comes with a more powerful 750W motor upgrade and a larger 840Wh battery. While both max out at 14 MPH top speeds, the standard can give you five levels of pedal-assisted support for up to 50 miles, while the 750 model extends that range up to 70 miles of travel. They both offer a power-limiting preset feature too, letting you take things slow and get to know your new ride before ramping up to its fastest settings.

From there, the only difference is Lectric’s standard model has a cadence sensor vs. the XP Trike2 750’s torque sensor upgrade, with them otherwise sharing the other stock features, including a Cloud 50 suspension fork for less strain on older riders’ joints. There’s also the puncture-resistant tires with fenders to go over all three, hydraulic disc brakes, headlighting/tail lighting that brings amber side lighting, turn signals, brake lighting into the mix, as well as an IPX5 water-resistance construction, parking brakes, a rear cargo rack, a TFT LCD screen, keyless riding functionality, and more.

Be sure to check out Lectric’s full Labor Day Sale lineup in our original coverage here, which includes the largest bundle on the XP4 Folding Utility e-bikes, as well as a surprise $500 price drop alongside a $220 package on Lectric’s premium ONE Long-Range Belt-Drive Commuter e-bike at a new $1,899 low, among others.

BLUETTI Handsfree Backpack power station being used by man to power laptop on mountain top
Photo: BLUETTI

Bluetti’s latest sale drops the Handsfree backpack power stations to best prices starting from $199, more

Bluetti has an ongoing Emergency Power Sale that seems to be taking the place of any officially named Labor Day Sale, and which is taking up to 46% off the brand’s power stations. Among the lineup, we also spotted a particularly notable 48-hour flash sale that is offering the Handsfree 1 and Handsfree 2 Backpack Power Stations for $199 shipped and $299 shipped. These two highly portable power solutions normally go for $429 and $599 at full price, which have mostly dropped down to $299 and $399 during sales, save for the occasional flash events where we’ve seen these low rates pop up. You’re getting another chance to score either at the best prices we have tracked, giving you $230 or $300 in savings, and beating out Amazon prices of $349 for the Handsfree 1 and $449 for the Handsfree 2. Head below for more on these and some of the other offers during this sale.

If you want to learn more about these backup power solutions, or the other flash offers/top picks, be sure to check out our original coverage of these deals here.

man riding Rad Power e-bike and towing dog in Trailer

Celebrate National Dog Day with these Rad Power pet-focused add-on accessory deals starting from $21.75

As part of its ongoing Labor Day Sale running through September 3, Rad Power Bikes is celebrating National Dog Day with four pet-focused add-on gear units – some of which are already discounted – getting 25% in additional savings and starting from $21.75 shipped. These add-on accessories range from basket-dwelling carriers to full-on hitch-ready trailer carriers – and if your cart totals $150 or more, you’ll be getting free shipping too! Just keep in mind that the extra savings will be added in your cart. Head below to see what you can expect from this gear and be sure to also give your puppers a little head scratch for me. Woof!

If you want to learn more about all these pet-focused add-on accessories for your e-bike, be sure to check out our original coverage of these deals here.

man cutting through log with EGO Power+ 56V 16-inch cordless chainsaw

Tackle storm cleanup and fall/winter firewood needs with EGO’s 56V 16-inch cordless chainsaw kit at $220

Amazon is offering the EGO Power+ 56V 16-inch Cordless Chainsaw with 2.5Ah battery at $219.99 shipped. This particular kit usually goes for $279 at full price, which we saw enter 2025 at $249 and falling as low as $219 for a two-month period before jumping back up in price at the start of June. While we’ve seen it go lower in the past, you’re looking at the second-best rate of the year which cuts $59 off the tag and lands it just $1 shy of the lowest price we have tracked in 2025.

If you want to learn more about this chainsaw’s capabilities, be sure to check out our original coverage of this deal here.

man and woman sitting outside at table with Fremo X300 Portable Power Station

Fremo’s X300 portable power station is an 8-pound solution for personal devices at its $180 low (Today only)

As part of its Deals of the Day, Best Buy is offering the Fremo X300 Portable Power Station at $179.99 shipped, while it’s currently out of stock on Amazon. This unit would normally fetch $330 at full price, which we’ve regularly seen dropping between $200 and $190 over 2025 in these one-day-only sales, with Amazon having seen it go as low as $180. That low price is available here through the rest of the day, saving you $150 off the tag price and giving you a more compact power solution for your personal devices.

If you want to learn more about this compact backup power solution, be sure to check out our original coverage of this one-day-only sale here.

Best Summer EV deals!

Best new Green Deals landing this week

The savings this week are also continuing to a collection of other markdowns. To the same tune as the offers above, these all help you take a more energy-conscious approach to your routine. Winter means you can lock in even better off-season price cuts on electric tools for the lawn while saving on EVs and tons of other gear.

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Hyundai’s new electric family hauler is already winning over buyers

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August 27, 2025

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Hyundai's new electric family hauler is already winning over buyers

Hyundai's-three-row-electric-SUV

The IONIQ 9, Hyundai’s first three-row electric SUV, is off to a stronger start than most predicted. At a time when many automakers are blaming slow EV demand, Hyundai’s big electric family hauler seems to be bucking the trend.

Hyundai’s three-row electric SUV is off to a strong start

After opening IONIQ 9 pre-orders in its home market in February, Hyundai was already calling the larger SUV a game-changer.

A few months later, in March, the first models rolled off the production line at Hyundai’s new Metaplant America in Georgia.

The IONIQ 9 has only been on the market for a few months, but it’s already winning over buyers. Since launching the three-row electric SUV in February, Hyundai has sold 14,391 units globally. Of them, 4,745 were sold in Korea and 9,646 were sold overseas.

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In the US, Hyundai has sold 2,086 IONIQ 9 models since it went on sale in May. Although it may not seem like much, considering it’s a higher-priced electric SUV in an increasingly crowded segment, local analysts believe it is beating expectations.

Hyundai-three-row-electric-SUV
2026 Hyundai IONIQ 9 (Source: Hyundai)

In the US, most brands are seeing an influx of EV buyers ahead of the federal tax credit expiration at the end of September.

The 2026 IONIQ 9 starts at $60,655 in the US, offering a driving range of 335 miles. However, with generous discounts, Hyundai is offering leases as low as $299 per month. The offer is for a 36-month lease with $4,999 due at signing.

Hyundai-IONIQ-9
2026 Hyundai IONIQ 9 interior (Source: Hyundai)

Hyundai’s three-row electric SUV isn’t the brand’s only EV that’s seeing relatively strong demand. The new and improved 2025 IONIQ 5 is coming off its best sales month in the US in July and remains one of the top-selling EVs in the US.

The IONIQ 5 is also surprisingly affordable. Hyundai is offering 2025 IONIQ 5 leases starting at $129 per month. However, the best offers are mainly in California and other ZEV states.

Hyundai-IONIQ-5
2025 Hyundai IONIQ 5 at a Tesla Supercharger (Source: Hyundai)

In other states, the 2025 IONIQ 5 is still one of the most affordable EVs with leases starting at just $179 per month.

Both the IONIQ 9 and IONIQ 5 are built at Hyundai’s plant in Georgia, enabling them to qualify for the $7,500 EV tax credit. Hyundai’s current Getaway sales promotions end on September 3, ahead of the tax credit expiration at the end of the month.

Looking to test one out for yourself? You can use our links below to find the 2025 Hyundai IONIQ 5 and 2026 IONIQ 9 in your area.

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Another major automaker is abandoning its big EV plans

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August 27, 2025

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Another major automaker is abandoning its big EV plans

German-automaker-EV-plans

Yet another big name in auto is pulling back on its EV plans, blaming slower than expected demand for electric vehicles.

Porsche drops in-house EV battery plans

Volkswagen’s luxury sports car brand, Porsche, announced this week that it no longer plans to build EV batteries in-house.

Cellforce, Porsche’s high-performance EV battery company, will shrink and only focus on research and development, rather than production.

In a statement, Porsche blamed “the slower ramp-up” of EVs and “challenging market conditions” in its biggest markets, the US and China, for the changes.

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CEO Oliver Blume, confirmed the news, saying “For volume reasons and a lack of economies of scale, Porsche is no longer pursuing its own production of battery cells.” The staff reductions, will be handled in “a socially responsible matter,” Porsche said. Volkswagen’s battery unit, PowerCo, will take on several former employees.

Porsche-EV-battery-plans
Porsche Cayenne EV towing a 3-ton trailer and classic car (Source: Porsche)

Porsche plans to continue to continue offering internal combustion engine (ICE), hybrid, and all-electric options across every segment “well into the 2030s.”

Following the Taycan and Macan Electric, Porsche is still planning to launch the all-electric Cayenne and 718 models. The German automaker promises future models will still “bring trend-setting technologies in electromobility into series production.”

Porsche-gas-powered-cars
Porsche Taycan Turbo GT with Weissach Package (Source: Porsche AG)

A separate report from German magazine WirtschaftsWoche claimed on Wednesday that Porsche is on the hunt for a new CEO to replace Oliver Blume.

German automaker Opel drops EV commitment plans

Porsche isn’t the only German automaker adjusting EV plans. Opel is one of the many brands under the Stellantis Group, alongside Jeep, Ram, Peugeot, Citroën, Fiat, and several others.

Although it was one of the many automakers to commit to offering an all-electric lineup, it’s now backing off its promise.

German-automaker-EV-plans
Opel Corsa Electric (Source: Stellantis)

During Stellantis’ EV Day in 2021, Opel announced its intention to transition to all-electric vehicles by 2028, accompanied by a slate of new models. Former CEO Michael Lohscheller, now chief executive at Polestar, said, “As of 2028, Opel will only offer electric cars in our core market Europe.”

On Monday, the German auto giant abandoned its plans for an all-EV lineup, saying it will continue to focus on its current “multi-energy” strategy.

German-automaker-EV-plans

Opel is the first German auto brand to offer a fully electrified model for every vehicle in its lineup, including electric (EVs), plug-in (PHEVs), and even internal combustion engine (ICE) vehicles.

In response to media reports claiming it has changed its strategy, the company said in a statement, “This does not have to be limited to 2028 if the demand side requires otherwise.”

Although the company will continue to focus on EVs in specific regions, like the UK, France, and Germany, it will also offer other powertrain options based on demand.

German-automaker-EV-plans
Opel Corsa Electric (Source: Stellantis)

Opel, alongside British sister company Vauxhall, is one of the top-selling brands in Europe. In Germany and the UK, Opel and Vauxhall ranked first in the ever-expanding B-hatch segment through the first half of the year.

The German auto giant becomes the latest brand to scale back EV plans or shift to hybrids, following Volvo, Volkswagen, Mercedes-Benz, Audi, BMW, and others.

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