Volkswagen Group (OTC: VWAGY)-owned Porsche has paused production of electric cars at its Stuttgart-Zuffenhausen plant in Germany due to supply chain issues following Russia’s invasion of Ukraine.
What Happened: The automaker said it had suspended production of its premium electric Taycan in Stuttgart-Zuffenhausen from March 9, initially until the end of next week.
“The supply chains for the Porsche plants are affected, which means that in some cases orderly production is no longer possible,” a company spokesperson told Benzinga.
The automaker said production at its plant in Leipzig, which makes its Panamera and other vehicles, will resume working in “reduced operation” next week due to an improved supply situation.
“In the coming days and weeks, we will operate on a short-term basis and continuously reassess the situation.“
See Also: Porsche Taycan EV Sales More Than Double In 2021 At 9,419 Units
Why It Matters: Porsche’s electric Taycan, which competes with Tesla Inc’s (NASDAQ: TSLA) Model S, has been clocking some impressive numbers for the automaker.
Sales for the electric Taycan lineup in the U.S. more than doubled in 2021 to 9,419 units.
The Taycan comes in three options (Sedan, Sports Turismo, and Cross Turismo), priced at $82,700 onwards.
The automaker known for iconic brands such as the 911 launched the Taycan in 2019 with a sedan variant and added two more variants later.
Porsche aims to switch 80% of its lineup to electric vehicles by 2030.
Price Action: VWAGY shares closed 10.4% higher at $23.3 a share on Wednesday.
Photo by Alexander Migl on Wikimedia
