Porsche shares plunge after announcing EV rollout delay

Porsche's stock tumbled by more than 7% on Monday after warning last week that delays in its electric vehicle (EV) rollout will dent the carmaker's 2025 earnings. Caught between electrification and its iconic petrol-powered sports cars, the German firm said it will slow its push for EVs as demand weakens. Shares of its parent Volkswagen also fell by more than 7% on the same day after saying it will spend billions to overhaul Porsche's line-up of vehicles. The companies' struggles reflect the challenges for European manufacturers, who are faced with intense competition from Chinese rivals and a slowing economy that's dampening demand for luxury cars. Porsche said in a statement on Friday that it has reduced its projected profit margin from up to 7% to 2% or less.