In a drastic shift of plans, Porsche’s upcoming EV lineup may not be so electric after all. The luxury brand plans to launch a new series of gas-powered vehicles and hybrids as it deals with slowing EV sales.

Porsche shifts EV plans with gas and hybrids coming

After backing off its goal of having electric vehicles account for 80% of total sales by 2030 in July, it looks like Porsche is backtracking on more EV initiatives.

With sales of its sole EV, the Taycan, down 50% through the first nine months of 2024, Porsche CFO Lutz Meschke acknowledged on the company’s Q3 earnings call that it is seeing “a slowdown in the BEV transition.”

Porsche’s struggles are not limited to just China, where an influx of more advanced, low-cost competitors are flooding the market, but also Europe and the US. The slowdown comes despite Porsche launching the upgraded 2025 Taycan earlier this year with more range, performance, and enhanced design.

Meschke told investors, “A lot of customers, first of all, in the premium and luxury segment are looking in the direction of combustion engine cars.”

As a result, Porsche plans to launch a series of new gas and hybrid models. The company’s CFO explained “We will refresh also our combustion engine cars. For instance, the Panamera and the Cayenne.”

The shift comes as deliveries of the first electric Porsche Macan are still ramping up. With its first full sales quarter, Porsche expects to see higher EV demand in the fourth quarter.

Despite the second-gen Macan launching exclusively as an EV, Porsche now plans to keep the gas-powered Model alive in key markets, including the US.

Porsche teased the upcoming electric Cayenne this summer, but the company also said gas and hybrids are in the works.

Following the Macan EV, Porsche will launch an electric 718, which is expected to debut later this year. The highly anticipated Porsche Cayenne EV is scheduled for its big debut in 2026. After that, Porsche plans to launch an ultra-luxury electric SUV to sit above the Cayenne, codenamed “SUV K1” internally.

Source: Automotive News, Porsche AG

The most powerful car Kia has ever made just got even better. Kia upgraded the EV6 GT, its electric sports car, giving it a stylish facelift and even more power. And it’s still one of the most affordable sports cars (gas or EV) you can get your hands on. The new EV6 GT launched in Korea on Tuesday, starting at just over $50,000.

Kia launches the upgraded EV6 GT in Korea

After revealing the EV6 GT in 2022, the company proclaimed it was the “Most powerful Kia production vehicle ever.”

Boasting 576 hp, the electric sports car can accelerate from 0 to 60 mph in just 3.4 seconds. Kia put the EV6 GT up against Ferrari Roma and Lamborghini Huracan Evo to prove its prowess, beating both off the line.

Two years later, the electric sports car is already due for a refresh. Kia launched the new EV6 GT in Korea on Tuesday, starting at just over $50,000 (72.2 million won).

With improved front and rear electric motors, the upgraded Kia EV6 GT now packs up to 650 hp (478 kW) and 770 Nm torque when the launch control is active. Without it, the EV sports car still has a whopping 609 hp (448 kW) and 740 Nm max torque.

A Kia official said the upgraded model “will become a new standard that will change the paradigm of high-performance electric vehicles.”

The new standard for electric sports cars

The added power is good for a 0 to 62 mph (0 to 100 km/hr) acceleration in 3.5 seconds. With Kia’s 4th-gen bigger (84 kWh) battery pack, the new EV6 GT has a driving range of up to 220 miles (355 km).

It also gains faster charging speeds. The new EV6 GT can fast charge (10% to 80%) in under 18 minutes with a 350 kW charger.

The electric sports car gains more control and stability with an electronically controlled suspension (ECS) and electronic limited-slip differential (e-LSD) included as standard.

Kia improved the interior with its latest convenience and infotainment features. It also added an 8-way power function to its exclusive EV6 GT sports bucket seats. The new ccNC infotainment system with dual 12.3″ navigation and driver display screens is at the center.

Despite the improvements, Kia said it’s “freezing its sales price.” With incentives, the new EV6 GT starts at just over $50,00 (72.2 million won) in Korea.

In comparison, the Ferrari Roma starts at about $245,000, while a Lamborghini Huracan Evo will run you around $215,000. Even the 2025 Porsche Taycan GT Turbo has a starting price tag of $230,000. At $50,000, Kia’s new electric sports car is a steal.

For those in the US, don’t worry. Kia America introduced the updated EV6 last week at the LA Auto Show. The new model features a bigger battery, faster charging, and an NACS charging port to access Tesla Superchargers.

Thanks to a larger 84 kWh battery, the new EV6’s range is up to 319 miles. The GT model gets a slight performance upgrade, with 601 hp, 25 hp more than the previous model. Prices will be announced closer to launch, which is scheduled for the first half of 2025.

With the 2025 model arriving, Kia is offering massive discounts, with current models available to lease starting at just $159 per month. You can use our link to view offers on the 2024 Kia EV6 near you while models are still in stock.

Elon Musk fired back at California Governor Gavin Newsom who said the state might exclude Tesla from a new EV incentive meant to replace the federal one Musk is trying to kill.

The knives are out.

As we previously reported, Trump’s transition team has already been strategizing about how to repeal the Inlfation Reduction Act and more specifically, the updated federal tax credit for electric vehicles.

Elon Musk is supporting the move even though he admitted that it would hurt EV sales in the US, including Tesla’s, but he believes long term it would help Tesla, which has a more competitive cost structure than other EV manufacturers who could fail without the credits – much like Tesla could have failed with them just a few years ago.

Recently, we even learn that Tesla, which lobbied to get the new federal tax credit, is also now lobbying for Trump to remove it.

Yesterday, we reported that California announced that if the federal tax credit does go away under Trump next year, it will step in with its own extra credit to compensate for it.

Governor Gavin Newsom has since elaborated on the proposal to add a market-share limitation criteria for EVs that would exclude Tesla, which has the most EV market shares in the market. The goal is reportedly to “create the market conditions for more of these car makers to take root.”

Tesla CEO Elon Musk called the proposal “insane”:

Tesla is the only one making cars in California, so this move hurts jobs in California.

Tesla employs many people in California, especially at its Fremont factory in the Bay Area, but it also employs engineering and design teams in both southern and northern California.

It sounds like Musk, who is lobbying to remove the federal tax credit, believe that Tesla might have to cut jobs in California if this plan is executed.

Electrek’s Take

As you know if you have been following my commentary on Musk using and not using his influence on Trump to advance EVs in the US, I am really disappointed in him pushing to kill the federal tax credit.

It will undoubtedly slow down EV adoption in the US, which is already lagging behind the rest of the world, and it feels like Tesla is pulling the very useful ladder it itself used just as it doesn’t need it as much and other EV companies greatly need it.

That said, I’m not sure I agree with Newsom’s approach here. Before the Tesla exclusion was discussed, I actually tweeted this:

Since the goal is to replace the federal tax credit, I think it makes sense that California would exclude anyone company who is lobying against it, like Tesla, rather than just because of market shares. They are asking for it, after all.

I think it’s a better reason to exclude them than just: you guys already have too high market shares.

You want to slow EV adoption to gain a competitive advantage, then that’s what you get. Musk couldn’t complain about that without being a hypocrite – though that doesn’t seem to be a big concern for him these days.