Porsche is hitting the brakes on its electric bicycle subsidiary called Porsche eBike Performance GmbH. The German automaker launched its e-bike offshoot in August 2022 with plans to develop components like motors and batteries. After nearly four years of operation, Porsche decided to discontinue the subsidiary and will close the company’s factories in Ottobrunn, Germany and Zagreb, Croatia, putting around 350 employees out of work.

Porsche said in a press release that the e-bike division was created to make “high-performance e-bike drive systems and market them worldwide,” but added that market conditions have changed. Porsche eBike Performance created several e-bikes during its short run, including the Porsche eBike Sport for road rides and the Porsche eBike Cross for off-road adventures. The eBike Sport even made it to its fifth generation, despite the $10,920 starting price tag.

Porsche is shutting down more than just its e-bike program. The company’s CEO, Michael Leiters, said it was also shuttering Cellforce Group GmbH, its battery cell subsidiary, and Cetitic GmbH, a software company used by Porsche and The Volkswagen Group, as part of its decision to “refocus on our core business.” Porsche has been steadily electrifying its vehicle portfolio, but also recently decided to sell its minority stake in Bugatti Rimac, a joint venture created between Porsche and the Rimac Group. The automaker also sold its smaller stake in The Rimac Group, despite having invested tens of millions into the the luxury electric supercar maker.