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Porsche is reportedly planning to cull its first series-production electric car, the Taycan, by the end of the decade.

Insider sources have told German business magazine WirtschaftsWoche that the carmaker will discontinue the Taycan – which starts from £88,400 in the UK – by no later than 2030 after deciding against relocating its production.

According to the publication, Porsche originally considered relocating production from its Stuttgart plant to its Leipzig facility, which has more capacity.

An alternative option of immediately discontinuing the once-popular model was also considered.

The decision to wind down production over the next few years rather than immediately stopping it has reportedly been agreed with the Porsche works council, which represents employee interests at Porsche AG, but has yet to be ratified.

The Taycan launched in 2019 as Porsche's first all-electric model.

A critical moment for the brand, the luxury sports saloon initially enjoyed strong global sales in its first years on the market but has since seen demand fall sharply.

Porsche is reportedly planning to cull its influential Taycan EV by the end of the decade after deciding against reallocating production

It is available in a number of guises, not just a sports saloon.

The Sports Turismo estate costs from £89,400 and the higher-riding Cross Turismo will set buyers back at least £99,400.

The Taycan can accelerate from 0-62mph in 4.8 seconds, has 429bhp and a top speed of 143mph.

A 2027 model-year update was only recently announced in June, with the headline features including a new E-Shift system with virtual gear changes, a more emotive Electric Sport Sound, and AI integration.

Porsche also confirmed that the Taycan, Taycan four and Taycan 4S variants will now come equipped with the larger 105kWh Performance Battery Plus as standard, allowing ultra-rapid charging at up to 320kW.

When the Taycan went on sale, Porsche's then-chairman Oliver Blume was targeting EVs accounting for 80 per cent of sales by 2030.

However, Porsche has since scaled back its plans to go all-electric, retaining petrol-powered versions of the 911, Panamera and Cayenne into the 2030s.

Porsche updated the Taycan for 2027 with the biggest new feature being its E-Shift virtual gears to make it more 'emotive' to drive

E-Shift allows you to switch between automatic mode and manual mode. You can use paddles on the GT steering wheel to shift up and down between 8 'gears'

The Taycan has also suffered from depreciation issues, with Vin Assessment reporting that a Porsche Taycan loses about 57 per cent of its typical asking price over six model years.

The report follows guarded comments made by Porsche chief executive Michael Leiters to the Frankfurter Allgemeine Zeitung last month, in which he said Porsche was not planning to discontinue the Taycan 'in the short term'.

Taycan production is expected to continue in Stuttgart until the phase-out takes place.

In June while speaking at the German giant's annual general meeting, Porsche chief executive Dr Michael Leiters declared 'there will be no fully electric 911' as he shot down suggestions its flagship model will be electrified for the future.

Instead, it will survive with hybrid technology for the next decade as part of Porsche's future plans.

The Daily Mail and This is Money have approached Porsche for comment on the reports regarding Taycan.