Porsche’s chief executive has told investors the company is in a “bitter, dark place” after the recall of more than 300,000 vehicles following a battery fire.
The recall is a massive blow to the brand, and it is “not just about the recall,” CEO Oliver Blume said in a video statement on Monday.
We have to make sure that we are going to deliver on the promise of this product.” “
We have to put the company back on the right path, we have to change the culture around this product.
We have to make sure that we are going to deliver on the promise of this product.”
Blume made the remarks during a conference call with investors.
The company has said more than 2.5 million cars have been recalled after a fire broke out in a lithium-ion battery pack in late March.
The fires in some models caused a battery to catch fire, sending the vehicle into a self-driving mode.
While the fires were quickly contained, the vehicles have since become a major headache for the company, with thousands of people needing to be evacuated from the affected regions.
Mr Blume did not offer any further details about what caused the fires, or what caused batteries to catch on fire, but said he expected the recall to cost Porsche “millions” of dollars.
“But the real challenge for us is what’s the next step,” he said.
“What can we do about this next step?”
‘It’s a nightmare’ Mr Blummes call to investors on Monday was one of a series of media appearances the company has made over the past few days.
It comes after the company revealed on Monday that it had recalled about 5.5m vehicles in the US, Europe, Asia and the Middle East after discovering that batteries caught fire during testing in February.
In a statement, Porsche said it was aware of reports that lithium-cell batteries in some vehicles were catching fire.
“There are no specific reports of fires,” it said.
Porsche is expected to release a statement on the recall in the coming days.
A company spokeswoman did not immediately respond to requests for comment.
Porsche has been hit by a series