Porsche is putting the brakes on its electric bicycle subsidiary Porsche eBike Performance GmbH. The German automaker launched its e-bike arm in August 2022 with plans to develop components such as motors and batteries. After approximately four years of operation, Porsche decided to close the subsidiary and closed the company’s factories in Ottobrunn, Germany and Zagreb, Croatia, putting approximately 350 employees out of work.
Porsche said in a press release that the e-bike division was created to “create high-performance e-bike drive systems and bring them to market worldwide”, but added that market conditions had changed. Porsche eBike Performance produced several e-bikes during its short run, including the Porsche eBike Sport for street riding and the Porsche eBike Cross for off-road adventures. Despite a starting price of $10,920, the eBike Sport also made it into its fifth generation.
Porsche isn’t just shutting down its e-bike program. The company’s CEO, Michael Leiters, said it was also shutting down its battery cell subsidiary Cellforce Group GmbH and Setetic GmbH, a software company used by Porsche and Volkswagen Group, as part of the decision to “refocus on its core business.” Porsche has been steadily electrifying its vehicle portfolio, but also recently decided to sell its minority stake in Bugatti Rimac, a joint venture formed between Porsche and Rimac Group. Despite investing millions in the luxury electric supercar maker, the automaker also sold its minority stake in The Rimac Group.
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