“We are saddened by the recent news announced by Maria Sharapova. Until further details are released and we can analyze the situation, we have chosen to postpone planned activities,” a Porsche spokesperson said in a statement.
Most of Sharapova's other sponsors also suspended their relationship with her, with Nike being the first, while other brands like Tag Heuer have severed any ties with her completely even before the World Anti-Doping Agency's (WADA) or the WTA have made any announcements about the matter.
The five-time Grand Slam tennis champion is currently 7th in the WTA, but her career may end quite abruptly if sanctions are applied to their fullest extent.
Sharapova admitted to having used a drug that incorporated a substance called meldonium since 2006 for various health issues. Apparently, the substance got on the WADA's banned list from January 2016, and Maria was tested positive on January 26, the exact day she lost to Serena Williams at the 2016 Australian Open.
Her contract with Porsche was about to expire this year anyway, so it's not yet known how things will evolve in the near future and if she will receive a lengthy ban from the sport or not. Either way, going from the highest paid female athlete in the world to someone who continuously used illicit substances will probably not bode well with Porsche, who is expected to sever all ties with the tennis player no matter the outcome of the WTA investigation.