Porsche Doubling Spending On Electrification.
“Alongside development of our models with combustion engines, we are setting an important course for the future with this decision”
STUTTGART, Germany Porsche, the luxury sports car and SUV maker owned by Volkswagen, said it is doubling investment in electromobility to more than 6 billion euros ($7.5 billion) by 2022, focusing on both plug-in hybrids and purely electric vehicles.
“We are doubling our expenditure on electromobility from around 3 billion euros to more than 6 billion,” Oliver Blume, Board Chairman of Porsche said.
“Alongside development of our models with combustion engines, we are setting an important course for the future with this decision,” Blume said.
About 500 million euros ($622 million) of the increased spending will be used for the development of variants and derivatives of the all-electric Mission E, and around 1 billion euros for electrification and hybridization of the existing product range, which includes the big Cayenne SUV, and the Panamera limousine.
Last November, Volkswagen announced a 34 billion euro ($40 billion) spending plan across the group, which includes Audi, Porsche and Bentley, the VW brand and the SEAT and Skoda mass market subsidiaries. Porsche said Monday that the decision to spend the additional 3 billion euros was made after November’s announcement.
Porsche said the purely electric Mission E 600 hp sports car will accelerate to 60 mph from a standstill in less than 3.5 seconds and offer a claimed range of over 300 miles. The 800 volt system will take just 15 minutes to add 250 miles of range.
Porsche is expected to launch the Mission E next year.
Porsche sales rose almost 4% to 246,000 sports cars and SUVs in 2017, boosted by the big selling compact SUV, the Macan. Porsche has warned growth might slow this year as it aims to safeguard its exclusivity.
“We have everything it takes for the next 70 years, but risks remain as the world is changing rapidly,” Blume said at last month’s 70th birthday celebrations, according to Bloomberg.
The future of Porsche also hinges on the success of the Mission E electric car, he said.