Porsche is also suspending the production of its electric cars due to the ongoing war in Ukraine. Although the luxury sports car maker's plant is located in Stuttgart-Zuffenhausen, Germany, it decided to halt its operation since its suppliers are in the said war-torn country.
In fact, according to Reuters, other automakers in Europe are also struggling with production due to the difficulties in obtaining key wire harnesses since the suppliers in western Ukraine were closed down by Russia's invasion. The situation also forced these companies to stop production.
For its move to suspend its electric vehicle production, it means that Porsche will not be able to build 200 Taycan car models per day. The company said that its plant in Leipzig would partially resume operations on Monday. Works in this factory were previously halted, but the suspension will only be until this week as the situation on supply has already improved.
For its Stuttgart-Zuffenhausen plant, Porsche is planning to lift the suspension of production by the end of next week. Apparently, the luxury car division of Volkswagen is assuming that components will all be available by then.
With many companies halting or closing down their businesses, it is easy to see that Russia's invasion of Ukraine has a strong economic impact worldwide. No business is immune to its effects, so the war must stop now, or further damage is imminent.
Meanwhile, Porsche's decision to halt its electric car production was first reported after a leaked internal memo was released, and based on its content, the EV models of the brand will be affected by production suspension this month.
The memo also stated that Porche had already stopped the production of its Macan and Panamera on March 2, while the Taycan was halted on March 3. The car brand's Cayenne was next to be suspended on March 7, and this will be followed by the 718 Cayman and Boxter on March 14. Lastly, the Porche's 911 GT3 and GT3 Touring's production will stop on March 17 and the rest of the 911 models on March 31.
Meanwhile, Porsche confirmed to Motor1.com that the works at its Leipzig plant were indeed halted on March 2, so there was no production for its Macan and Panamera.


SpaceX IPO Nears as Goldman Sachs Set to Lead Historic $75 Billion Offering
China to Buy 200 Boeing Jets, Push for Extended U.S. Trade Deal
Trump Signals Tough Stance on Iran Uranium Stockpile as Nuclear Talks Show Limited Progress
Japan Airlines Signs 10-Year Boeing 787 Maintenance Deal With GE Aerospace
OpenAI Eyes IPO Filing as Early as This Week Amid Rising AI Competition
Analog Devices Nears $1.5B Acquisition of AI Chip Firm Empower Semiconductor
Cuba needs a long-term solution to its energy crisis
US Stock Futures Slip as Nvidia Earnings Fail to Fully Impress Investors
China Delays Pentagon Official’s Beijing Visit Amid Taiwan Arms Deal Tensions
Nvidia Earnings in Focus as U.S. Stock Futures Hold Steady Amid Rising Treasury Yields
Asian Stocks Rally as Nvidia Earnings Boost Tech Shares, Samsung Jumps on Wage Deal
Moody’s Downgrades Mexico Credit Rating Amid Rising Debt and Fiscal Pressure
NHS shakeup: if it sounds like we’ve been here before, it’s because we have
Rubio to Push NATO Defense Spending, Strengthen India Ties During Key Diplomatic Tour
H.B. Fuller Eyes Advanced Medical Solutions in Potential £600M Takeover Deal
Goldman Sachs to Pay $500M in 1MDB Shareholder Fraud Settlement
Gold Prices Steady as Iran War Fuels Inflation and Rate Concerns 



