Asia Tech Wire (July 23) -- Volkswagen Group's Porsche has abandoned its electric vehicle sales target by 2030.

Porsche said Monday that while electric cars could account for more than 80% of its new car sales by 2030, that is no longer a specific goal for the company.

It said, "The transition to electric cars is taking longer than we thought five years ago,” and that sales will depend on demand and how electric vehicles develop globally.

In March, Porsche CEO Oliver Blume told analysts that the company would stick to its goal of selling more than 80% of its cars in electric form by the end of 2030.

Media reports indicate that Porsche's abandonment of its own EV sales target stems from lower-than-expected EV sales in Europe and as well as in China, the world's largest auto market.

The German automaker has faced weak demand in mainland China, leading to a 7% drop in global sales in the first half of the year.

Before Porsche, automakers including Mercedes-Benz, General Motors and even Tesla adjusted their own EV targets as demand fell short of expectations.

Porsche also lowered its full-year revenue forecast, saying a shortage of aluminum parts could lead to production stoppages for some models.

The company expects sales revenues of 39 billion euros to 40 billion euros ($42.5 billion to $43.6 billion) for the full year 2024, down from its previous forecast of 40 billion to 42 billion euros.