Porsche’s Electric Cayenne SUV Gets a Cold Reception
Everybody’s having a tough time with
this. You look at companies like Ford and
General Motors. They lose money on every EV they make.
They’ve reported that it’s a big drag on their earnings.
They make a lot of money because they sell big SUVs and pickup trucks that
have huge margins on them. Porsche doesn’t have that.
They do have actually, because they should be making good money, but they
put a lot of money into EVs because they want to be a player in China.
Luxury buyers actually do like these. They’re not selling in huge numbers in
the US because EVs are generally struggling here.
But, you know, luxury buyers like to be on the forefront of technology.
They like vehicles that are fast, quiet and smooth.
EVs do that. So they put a lot of investment there
and there’s probably a lot of stranded capital that’s hurting their financials.
It just seemed to me that the bad reaction on social media almost like a
Jaguar moment for Porsche. Do you think it’s not quite that bad?
Well, look, let’s let’s go back to when Porsche decided they were going to make
an SUV. Remember that reaction?
It was like, oh, my God, Portia, cancel out SUVs.
It’s a sports car company. Had they listen to those people, they
probably would be out of business now because they’d be selling a small number
of sports cars to enthusiasts. That said, I read a lot of those
comments. And I think what people were reacting to
is the styling. And where I kind of agree with these
people is, you know, from from 30 feet, 50 feet away, every midsize crossover
SUV looks the same to me, too. They’re all jelly beans and a lot of
them starting to look very much like brides.
Porsche has unveiled an electric version of the Cayenne SUV, but the reviews on social media have been pretty brutal so far. It’s the latest sign that some automakers may be struggling to find SUV buyers. The German automaker is also pivoting back to making more gas engine and hybrid models. Bloomberg’s Detroit Bureau Chief, David Welch, joined Bloomberg Open Interest to talk about the new offering.
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