The abandoned EV agenda also means the VW Group is going to take a near €3 billion hitPorsche’s EV strategy failure cost $2.1B, triggering its steepest share drop since 2022. Flagship K1 SUV launches with combustion engines, not electric power as first planned. VW and Porsche CEO Oliver Blume faces mounting pressure to give up his Porsche role. It turns out that Porsche’s aggressive push into the world of EVs has not paid off the way the company hopped. The move is meant to stabilize margins, but it also makes clear that the brand’s earlier electric strategy was both too costly and out of step with what its customers actually wanted.