Porsche Slams the Brakes on EV Ambitions Amid Stock Collapse

Shares of Porsche AG plunged again on Monday, continuing a disastrous two-year decline. The venerable car company’s latest 8% drop came as it dropped its plans for a proposed battery-powered luxury SUV and said it was refocusing capital investments back to traditional gas-powered cars.

The company says this return to the real world as it actually exists will result in a need to take a $2.1 billion writedown and force it and parent company Volkswagen to restate their full-year projections.

Such is the cost of years of virtue signaling about the glorious EV future which governments in Europe and globalist organizations like the UN and WEF have been trying to force on the world over the last decade. Now, with EV sales tanking all over the continent, European carmakers like Porsche, VW, Volvo, Renault, and Jaguar face economic ruin unless they migrate back to reality.