• The carmaker wants plug-in vehicles to make up more than half of its total sales next year.
  • Porsche is preparing all-electric versions of the 718 Boxster and Cayman.
  • Shares in the German brand have lost more than a third of their value this year.

Some Porsche shareholders have questioned the carmaker’s ambitious plans for battery electric vehicles due to a slowdown in demand in some global markets.

At Porsche’s annual shareholder meeting on Friday, some investors questioned why the company is still pushing ahead with a plan for plug-in vehicles to account for more than 50% of the brand’s total sales next year. Moritz Kronenberger of Union Investment said Porsche should aim to bolster margins and free cash flow by selling more combustion models until EV demand picks up again.

Read: Porsche will pay you $4,500 to switch from a Tesla to a Taycan

Porsche shares have lost more than a third of their value in the past year and the company is facing increasing pressure in China due to declining sales of electric vehicles.

Speaking at a shareholder meeting, Porsche chief executive Oliver Blume defended the plan to refresh five of the car’s six models this year and said it would pay off in the end. One of Porsche’s most important new models is the all-electric Macan. Blume says it’s the “highest performance model in its segment” and will be followed by electric versions of the beloved 718 Boxster and 718 Cayman.

    Porsche shareholders question its commitment to EVs amid market slowdown

Ingo Spiech of Deka Investment also questioned the firm’s commitment to EVs. Bloomberg reports that Speich expressed doubts about EV demand and said that Porsche should accept lower volumes and not succumb to market pressure to lower prices.

Porsche wants all-electric vehicle models to account for more than 80% of its sales by 2030, according to Bloomberg.

Late last week, it was revealed that the relationship between Porsche and dealers in China is becoming increasingly strained due to falling sales. The carmaker’s sales fell 15% in China last year, and some dealers have been forced to cut prices and lose money to try to meet their targets.

    Porsche shareholders question its commitment to EVs amid market slowdown