By Paul Homewood
From the Telegraph:
Another nail in Europe’s coffin:
Porsche has scrapped plans to build its own electric vehicle (EV) batteries after collapsing demand from drivers.
The German carmaker announced that it will wind down operations at its production subsidiary Cellforce and refocus the division on research and development instead.
Oliver Blume, chief executive of Porsche and parent company Volkswagen Group, said: “Porsche will stop pursuing the production of its own battery cells due to reasons of volume and a lack of scale.”
Porsche confirmed the overhaul would lead to job losses, but it said that some workers would be transferred to PowerCo, a separate battery start-up owned by Volkswagen.
The IG Metall union previously said that around 200 of Cellforce’s almost 300 workforce would be laid off.
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Author: Paul Homewood
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