Porsche is experiencing a major downturn in sales of its Taycan electric vehicle (EV) model, prompting potential production cuts as the company prepares to launch an updated version and expand its EV lineup.

In the first half of 2024, Porsche reported a steep 51% decline in Taycan deliveries with only 8,838 units sold globally in contrast to 17,991 units in the same period last year. Q2 saw an even steeper drop with Taycan sales falling 48% year-over-year to 4,602 units, representing just 5.9% of Porsche’s total sales.

Furthermore, Porsche also faces broader challenges beyond the Taycan’s sales slump. The company reported a 7% decline in global sales, with a particularly sharp 33% drop in the Chinese market.

This fall in sales has led to speculation that Porsche may reduce Taycan production to a single shift at its Stuttgart-Zuffenhausen plant, according to reports from Stuttgarter Zeitung. While Porsche has not officially confirmed these plans, the company is closely monitoring the circumstances.

The decline in sales coincides with the introduction of the updated 2025 Taycan model, unveiled in February. The new model arrives with improvements in range, power, and charging speed as deliveries are projected to start this summer in the United States (U.S.) at $99,400, which is a slight price jump over its predecessor.

Despite the current challenges facing its Taycan model, Porsche has more in its EV strategy by preparing to discontinue several of its gas-powered models by 2026, starting with its Macan EV later this year. Moreover, Porsche plans to launch electrified versions of the 718 sports model by late 2025. In addition, the company is also developing an electrified Cayenne projected to debut in 2026 and a range-topping seven-seater EV called the “SUV K1.”

Read More: Porsche Furthers EV Shift By Phasing Out Gas-Powered Models By 2026

As Porsche navigates these hurdles, the company’s march toward its electrification plans will see its efforts to maintain its position in the EV market while adapting to meet changing buyer demands. With the competition getting more challenging, Porsche’s upcoming EVs will be vital in determining its future success.

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