Porsche is suspending production of its electric Taycan model at the car maker's Stuttgart-Zuffenhausen plant due to a lack of components caused by Russia's invasion of Ukraine.
The company said Wednesday in an email statement to TheStreet that production will be halted until the end of next week. Roughly 200 Taycan cars cannot be built per day.
European carmakers are struggling to obtain crucial wire harnesses as suppliers in western Ukraine have been shuttered by Russia's invasion, forcing them to curtail production, Reuters reported.
Production in the Porsche plant in Leipzig, which has been suspended until the end of this week, will start up again in reduced operation in the coming week due to an improved supply situation, the company said.
The production of the 911 and 718 model series in the main plant is currently not affected, Porsche said and the production of the Cayenne in Bratislava is being maintained this week as well.
Operate on a Short-Term Basis
"In the coming days and weeks we will operate on a short-term basis and continuously reassess the situation," the company said.
Porsche is currently 100%-owned by Volkswagen Group, which in turn is controlled by a financial holding company called Porsche SE.
Volkswagen, which is looking for funds to finance its electric transition, remains cautious about the outcome of the process.
The company is determined to beat Tesla (TSLA) in the electric vehicle market.
The Porsche Taycan comes in five versions, with a base price of $82,700.
Volkswagen said this week that it would spend $2.2 billion to build a new manufacturing facility for its Trinity electric vehicle that will be built near its main plant in Wolfsburg.