Porsche (POAHY) is considering shelving an electric sports car line to cut costs that have ballooned due its overly ambitious EV bet, according to people familiar with the matter, Bloomberg’s Monica Raymunt reports. New Chief Executive Officer Michael Leiters may scrap the planned 718 line of Boxster and Cayman EVs because of development delays and rising expenses, said the people. The move may be necessary because Porsche faces budget constraints due to slumping sales in China and the cost of reversing its EV strategy, the author adds.
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