German sports car maker Porsche said Friday that it would dramatically slow its shift to electric vehicles amid weak demand, prompting parent company Volkswagen to warn of a multibillion-euro hit.

It was the latest turmoil for 10-brand VW, Europe's biggest carmaker, which is struggling not only with a stuttering EV transition but also fierce competition in China and US President Donald Trump's tariff onslaught.

"We're realigning Porsche across the board," said CEO Oliver Blume, as the carmaker announced plans that amounted to a major rollback of its EV ambitions.

"In doing so, we want to meet new market realities and changing customer demands."

Volkswagen said the changes to the sports car maker's EV plans and other charges would negatively impact the overall group's operating results

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