Porsche 718 EV project could be axed

Porsche could reportedly scrap the electric 718 project as development costs, complexities and timelines continue to blow-out amidst cooling global electric vehicle (EV) demand.

According to a new report by Bloomberg, newly appointed Porsche CEO Michael Leiters is considering axing the electric sports car project due to “development delays and rising expenses”.

That’s the latest word from sources within the brand supposedly close to the next-gen 718 operation and key decision makers.

The next-gen 718’s development has been a tricky one thus far – with myriad reports of budget blow-outs, prolonged delays, supplier issues and other unforeseen complexities – so much so that Porsche now reportedly plans to offer internal combustion (ICE) versions of the new model after all.

Exactly how much Porsche has already invested in the project is unclear, but this far along the proposed development lines – the new models were meant to debut this year – it’s certain the number isn’t insignificant, which just goes to show how dire things must actually be.

Falling sales in China, cooling EV demand and a switch back to ICE power for the brand’s volume-selling SUVs are understood to be at the epicentre of the budget pressures, but it’s worth noting the project hasn’t been binned yet.

If the new 718 is on track to debut this year, we can’t imagine Porsche would surrender the chance to claw back some return on its investment, even if the overarching project’s ultimately a flop.

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