Porsche's recent decision to scale back its electric vehicle plans has led to a significant drop in its stock, marking the largest decline on record. The luxury carmaker is shelving a future electric SUV and shifting focus back to gas and hybrid models, which is expected to result in a $2.1 billion profit hit. This is the fourth time this year that Porsche has cut its guidance, raising concerns about its future in the competitive EV market. The implications of this pivot are crucial, as it reflects broader challenges faced by automakers in balancing innovation with profitability.

Porsche's shares have taken a hit following the company's decision to delay its electric vehicle rollout and revise its financial outlook. This news is significant as it reflects the challenges the automaker faces in transitioning to electric vehicles, a crucial step in the industry's shift towards sustainability. Investors are concerned about the implications for Porsche's competitiveness in the growing EV market.