2027 Porsche 718 Cayman EV RenderingAfter a lot of back-and-forth, Porsche has finally made up its mind about the new 718 sports car.The new Porsche 718 Boxster and 718 Cayman will be EV-only.The company confirmed the move today during its Capital Markets Day event.Previously, the automaker said the 718 will still get gas engines for the most exclusive versions.Porsche is in a bad place right now, and its new CEO, Michael Leiters, has a plan to get the storied automaker back on track. And one of the bullet points in the company's new Sportwagenschmiede '35 strategy, which roughly translates to "sports car craftsmanship," refers to the fate of the entry-level 718 sports car.The automaker has made it clear that the new 718 Cayman and 718 Boxster will be offered with electric powertrains only, putting rumors and even its own previous statements to rest. The two-door EVs will debut next year, with Porsche saying that the first full year of production will happen in 2028.Porsche 718 Boxster EV prototype spotted near the Arctic CircleFor at least a year, there have been various reports floating in the wild, saying that the all-new 718 electric two-seater has been delayed or that it will ultimately be canceled. What's more, even Porsche said last year that the top 718 models would continue to offer gas engines, which didn't make much sense, seeing how the previous-gen 718 was discontinued, and the new EV is based on a completely different platform.There's still no word on the 718's specifications, but we do know from spy photos that the electric sports car will have a central charging port at the rear, and that the styling won't differ too much from the previous-generation model that went out of production last year. Pricing is still unknown, though it's expected to be the cheapest two-door in the marque's portfolio.Speaking of the portfolio, the German luxury brand is looking to introduce more models starting in 2028. A new compact SUV, developed in cooperation with Audi, with gas and plug-in hybrid powertrains, will be sold alongside the electric Macan, while a large SUV that would sit above the Cayenne is being considered. The latter model, codenamed K1, was supposed to debut as an EV first, but the automaker later changed course and said it would debut with gas and PHEV configurations.2027 Porsche 718 Cayman EV RenderingThe switch to electric for the 718 might raise some eyebrows among fans and enthusiasts, and Porsche's CEO knows that it's a sensitive topic. But while the entry-level sports car likely has some wiggle room, the legendary 911 is untouchable, with Leiters insisting that "the 911 will never be electric."That said, the German marque is developing a potential mid-engined super-sports-car platform, which could be positioned above the 911. The new architecture will be previewed by a concept car dubbed the Mission S, which will debut on October 15.To regain lost ground, Porsche is going knee-deep into the "value over volume" philosophy. This means more expensive cars, fewer trims, and more over-the-top models. The company said it wants to lower its break-even point for profitability to fewer than 200,000 units, while raking in the profits from its GT line and Exclusive Manufaktur individualization program.Costs will also be cut where possible, with management positions slashed by 40% and a total workforce decrease of 25% in the mid-term. Development spending will be reduced by minimizing complexity across model lines and by reducing development times. Using more shared parts with the Volkswagen Group is in the books, too.Last year, Porsche's profits plummeted to just $101 million, down from a whopping $5.9 billion in 2024. It's not the first time the storied automaker has battled for its future, and it certainly won't be the last. But if history is any guide, Porsche will do whatever it takes to survive, and it will be around for the foreseeable future.More Porsche StoriesI Thought Fake Gears Made EVs Better. Then I Drove This Porsche TaycanThings Are Getting Really, Really Bad At Porsche. That's Not Good For EV FansThe Porsche Cayenne Coupe Electric Trades Space For Style: First LookI Can't Believe How Smooth The Porsche Cayenne Electric Is
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