By Daily,Editor

Copyright dailymail

Shares in Porsche slumped after it issued its fourth profits warning in a year amid weak demand for electric cars.

The German sports car manufacturer, which has counted British tennis player Emma Raducanu as a brand ambassador, is delaying the roll-out of its battery-powered vehicles.

The firm has been hit by subdued demand, fierce price wars and US tariffs. Stephen Reitman, an analyst at Bernstein, said the latest hitch showed ‘its decision to stake almost everything on electrification has been a busted flush’.

Oliver Blume, chief executive of Porsche and its parent company Volkswagen, said: ‘We have seen a clear drop in demand for exclusive battery-electric cars and we are taking that into account.

‘That’s why we are pushing back development of selected fully electric models.’

Volkswagen’s shares fell by more than 7 per cent yesterday.