OUCH: VW Takes $6 Billion Hit Due to Porsche’s Pullback From EVs

 Volkswagen Group said it will take a €5.1 billion ($6 billion) hit due to a far-reaching product overhaul at its Porsche sports-car division.

The move, announced Sept. 19, comes after Porsche AG, which is 75.4 percent-owned by VW Group, said it would significantly tweak its product strategy to reflect a slower-than-expected electric vehicle market.

“Due to the delayed ramp-up of electromobility, the market launch of certain all-electric vehicle models is planned to take place at a later date,” Porsche said.

It added that a new SUV above the Cayenne will initially not be offered as an all-electric vehicle, but with combustion-engine and hybrid versions.