Chinese brands such as Haval, Chery and Geely now account for almost 40 percent of Russia's new-car sales, up from less than 10 percent in January-February of 2022.

Smart dealers will get a fixed 7 percent commission for the new #1, but they will continue to sell the ForTwo city car under traditional retail rules.

Hans Dieter Poetsch, chairman of Porsche SE, says that interest is extremely high from investors for a possible IPO of PowerCo.

The EV losses will mount as the company expects increased profits for its internal combustion and commercial vehicle businesses.