Porsche To Invest More Than €6b In Electromobility By 2022

Posted on Mar 20 2018 - 6:26am by Lisa Chan

Porsche is doubling its expenditure on trends for the future, with a commitment to invest over six billion euro in electromobility by 2022.

Porsche-Mission-E-Cross-Turismo

The money will be spent on derivatives of the Mission E, hybridisation and electrification of the current model range, as well as on developing a charging infrastructure and smart mobility.

“For the next ten years, Porsche intends to continue with a three-pronged approach, incorporating optimized combustion engines, plug-in hybrid models and purely electric sports cars – all in typical Porsche style of course. The regions of the world are developing at different rates. We are therefore gearing ourselves up as flexibly as possible for the transitional period,” said Oliver Blume, Porsche Ag chairman at the annual press conference.

“We have succeeded in boosting our operating result by over 50 per cent within the last three years,” emphasised Lutz Meschke, Deputy Chairman of the Executive Board and Member of the Executive Board for Finance and IT. “With a profit margin of 17.6 per cent, Porsche continues to be among the most profitable automobile manufacturers in the world. This is down to continuous improvements in productivity, our stringent cost management strategy as well as our outstanding product range,” continued Meschke. Digitisation, electrification and connectivity are major challenges that require substantial investment.” Nevertheless, said Meschke, Porsche is sticking to its strategic return target of at least 15%.

Meschke is optimistic in his outlook: “Our aim for 2018 is to stabilise revenue and deliveries at this high level.”

Porsche expects the next boost in sales to come when the Mission E, the first purely electric vehicle, hits the market.

Plans for derivatives of the Mission E are also under way: Earlier this month, Porsche presented a production-ready concept study of the Mission E Cross Turismo at the Geneva Motor Show.

The purely electrically driven Cross-Utility Vehicle (CUV) has a system power of over 600 hp (440 kW), a range of more than 500 kilometres and accelerates from 0 to 100 km/h in under 3.5 seconds. The charging time is four minutes for a range of approximately 100 kilometres.