Due To A Decline In Market Share, Porsche Stops Its EV Charging Network In China

Porsche AG intends to close its electric vehicle charging network in China as the German brand continues to lose share in the world’s largest auto market.

The Volkswagen unit, which operates about 200 charging stations in China, said it would gradually deactivate them starting in March, Bloomberg reported. However, the German company plans to continue working with external charging providers.

A Porsche representative in China said the business adjustments only apply to Porsche premium charging, while other charging methods remain operational as usual. “Our commitment to the Chinese market remains unchanged,” he said.

The remaining chargers include those installed in Porsche showrooms, as well as in hotels and golf clubs, the statement said.

Porsche faces challenges on multiple fronts, with its sales in China falling 26 percent in the first nine months as a weakening economy has impacted consumption, while domestic brands are gaining market share at the expense of older brands.

The German company has repeatedly cut its forecasts this year after delaying the introduction of new electric vehicles, and its shares have fallen more than 20 percent this year.

• Also See: Porsche Has A Response Ready For The Chinese