Porsches have long been an icon of luxury car culture, with the brand’s iconic red and white design appearing on every major car from the Audi A4 to the BMW i3.
But Porsche’s fortunes have been hit by its struggles with its core audience and the launch of the brand-new 911 Carrera in 2016.
The Porsche brand has struggled with sales, with some analysts estimating that only around 3,000 new cars were sold last year, and sales fell to just 1,500 last year.
In 2016, Porsche announced a $10 million fund for new Porsche Carrera prototypes, but that money did not cover the costs of the Carrera’s development.
“We are very sorry to announce that we have no more Porsche products,” Porsche said in a statement, announcing the new fund.
“In addition, we have decided to launch the Porsche Carra and Porsche Car3 models.
The decision to launch this new vehicle was a very difficult one and we are deeply sorry for any inconvenience this may cause our customers.”
Porsche’s Porsche Car2 model, which was introduced in 2002, is not a Porsche, and the brand has not produced a new model since 2011.
It has had some successes in recent years with the new Cayenne SUV and the Panamera crossover, but those cars have struggled to gain traction.
The Cayenne, which started as a car for the super-rich, has since been eclipsed by the Porsche 918 Spyder and has since dropped into the Porsche ranks.
The Porsche Caravan, which has been on sale since 2012, has been a popular option for buyers who want a luxury car with a sporty appearance and is now sold out.
The brand’s 911 Carra has also fallen into the hands of more affluent buyers and has been popular among young, college-educated buyers.
But the brand is expected to face a tough time this year as it tries to make up ground against the likes of Lexus and Audi.
The car is currently available for purchase for a modest $35,000.
Porsche is also set to announce a new car for 2018, the Porsche Cayenne Turbo, but it is not expected to be a serious competitor to the 918, which is still selling well.
The company’s future is uncertain and analysts are sceptical about the prospects for the brand.
“We are still waiting for the next 911,” said Arvind Narayanan, a financial analyst with Bank of America Merrill Lynch.
“The new 911 is going to be very interesting, but I don’t think it’s going to change the way we do business.”
The new Porsche is expected on sale by the end of 2018.
Follow us on Facebook and Twitter for more breaking news, features and analysis from India.