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Luxury automaker terminates top-selling car sooner than expected

Consumers seeking a little more luxury in their electric vehicle than a Tesla (TSLA) - Get Free Report will have some more choices over the next few years if they are willing to pay the price. General Motors' GM iconic luxury brand Cadillac will have a new electric three-row crossover SUV called the Vistiq that will be available for the 2026 model year. Expect GM to release details of the vehicle in 2024.Related: Tesla's new luxury rival introduces its first electric SUV Stellantis' STLA Italian luxury brand Alfa Romeo introduced its first EV, a new sport urban utility vehicle, the Milano, which it will unveil in Milan, Italy, in April 2024. Both those vehicles are in the early stages of development, but there's another luxury brand that says it will deliver a new EV in 2024. Porsche's best selling Macan crossover sports utility vehicle recorded 68,354 vehicles delivered globally in the first nine months of 2023, a 15% increase over 2022. Its Cayenne SUV delivered 64,457, a 3% drop in deliveries. The iconic Porsche 911 delivered 38,789, Panamera 26,779, and the 718 Boxster and Cayman models delivered 16,458. The German luxury car manufacturer has big plans for the Macan, which was launched in 2014 and became the brand's top-selling vehicle beginning in 2017. Porsche has delivered over 600,000 Macans since launching the vehicle. The company's first EV on the market was the Taycan, which went on sale in 2019 with over 100,000 vehicles produced since it first rolled off the assembly line. Porsche has also produced Cayenne and Panamera hybrids since 2010 and plug-in hybrid versions of those models since 2014. The Macan has only been offered as internal combustion engine vehicles since it was launched, but the automaker has revealed that its new all-electric model is in the late stages of development and testing and will be delivered in 2024. Porsche Macan compact performance crossover SUV at Brussels Expo on Jan. 13, 2023 in Brussels, Belgium. (Photo by Sjoerd van der Wal/Getty Images) Sjoerd van der Wal/Getty Images Porsche is developing a Macan EV Porsche said in a statement that the development goal for the Macan EV is to be the sportiest model in the segment, as the current ICE Macan is leading its segment in sportiness. Before the all-electric Macan goes on sale, Porsche said it will have completed over 3 million test kilometers worldwide in varying conditions. These test kilometers help ensure quality even in its first year of production, the company said. The Macan EV is expected to have a range of about 300 miles on a charge with a starting price of about $80,000. The automaker had said that the ICE version would be sold alongside the EV version once it is delivered, but those plans have changed. Porsche has said that it will discontinue the Macan ICE vehicle in the European market in spring 2024 due to new cybersecurity rules, Electrek reported. The ICE Macan will no longer be eligible for cybersecurity approval beginning in July, it said.Gas-powered Macan still available in U.S. New cars produced starting July 1, 2024, must have updated cybersecurity software from development and follow new cybersecurity regulations. The ICE Macan was developed before the new requirements were implemented and would cost too much to update the vehicle into compliance. Porsche, however, will continued producing ICE Macans in Germany for markets outside of Europe and sell the vehicles for at least two more years as the Macan EV starts delivery. That means Macan fans in the U.S. can still buy the gas-powered version for at least another couple of years. Want to turbocharge your portfolio? Learn from the investing legends and get actionable insights. Start your Real Money Pro membership today.
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TheStreet

Luxury automaker terminates top-selling car sooner than expected

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