Porsche Shelves Plans to Make its Own EV Batteries Over Cost Concerns
German sports and high-performance automaker Porsche has revealed that it is shelving plans to manufacture its own electric vehicle batteries due to cost concerns. In a statement published on Monday, Porsche said it would scale down its high-performance EV battery division, Cellforce, and focus on research and development (R&D) amid weaker than expected electric vehicle demand and difficult conditions in two of the largest electric vehicle markets on the globe: China and the United States. According to Porsche, its plan to develop EV batteries internally proved to be uneconomical. The automaker's unsuccessful attempt to build its own EV battery supply…