Porsche's Electric Cayenne SUV Gets a Cold Reception

Watch Porsche's Electric Cayenne SUV Gets a Cold Reception - Bloomberg on Dailymotion

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00:00Everybody's having a tough time with this. You look at companies like Ford and General Motors,

00:05they lose money on every EV they make. They've reported that it's a big drag on their earnings.

00:09They make a lot of money because they sell big SUVs and pickup trucks that have huge margins

00:13on them. Porsche doesn't have that. They do have SUVs, they should be making good money,

00:18but they've put a lot of money into EVs because they want to be a player in China.

00:22Luxury buyers actually do like EVs. They're not selling in huge numbers in the U.S. because

00:28EVs are generally struggling here. But, you know, luxury buyers like to be on the forefront of technology.

00:34They like vehicles that are fast, quiet and smooth. EVs do that. So they put a lot of investment there

00:40and there's probably a lot of stranded capital that's hurting their financials.

00:44It just seemed to me that the bad reaction on social media, almost like a Jaguar moment for Porsche.

00:50Do you think it's not quite that bad? Well, look, let's go back to when Porsche

00:58decided they were going to make an SUV. Remember that reaction? Everyone's like,

01:01oh, my God, Porsche can't sell SUVs. It's a sports car company. Had they listened to those people,

01:06they probably would be out of business now because they'd be selling a small number of sports cars to

01:11enthusiasts. That said, I read a lot of those comments and I think what people were reacting

01:16to is the styling. And where I kind of agree with these people is, you know, from 30 feet, 50 feet

01:24away, every midsize crossover SUV looks the same to me too. True. They're all jelly beans and a lot

01:30of them starting to look very much like BYDs.