Porsche to double investment in electric cars

February 5, 2018
Porsche's flagship Mission E electric sports car is scheduled to hit the roads in late 2019

German high-end sports car maker Porsche said Monday it would double investments in electrifying its entire range by 2022, as parent company Volkswagen reacts to environmental scandals and new challenges from abroad.

The Stuttgart-based firm said it would spend more than six billion euros ($7.5 billion) in developing hybrid and battery-powered cars over the coming five years.

Of the additional three billion euros being put on the table, some 500 million euros will go towards developing Porsche's flagship all-electric known as the Mission E, slated for release in late 2019.

Porsche says the car will boast 600 horsepower and a range of 500 kilometres (310 miles), characteristics that would make it a competitor to US-based electric car champion Tesla.

Around one billion euros of the additional cash will go towards developing electric and hybrid versions of existing models, "several hundred million euros" will be spent on expansion of sites, and around 700 million euros in building up a network of fast charging stations for .

But Porsche is not turning its back on the traditional combustion engine completely, despite increasing suspicion of the technology in Europe since Volkswagen's 'dieselgate' emissions cheating scandal broke in 2015.

Its investments in electric cars are part of VW's group-wide drive to speed up introduction of battery-powered vehicles.

Porsche chief executive Oliver Blume told news agency DPA that, despite the increased costs of building electric vehicles, the luxury subsidiary would aim to uphold its operating margin of 15 percent over the long term.

Explore further: VW says will invest over 34 bn euros in cars of the future by 2022 (Update)

Related Stories

Porsche plans 1 bn euro electric car by 'end of decade'

December 4, 2015

Porsche said Friday it was pumping in a billion euros to bring its first all electric car to market by "the end of the decade", as the German luxury sportscar giant joined the race for a slice of the green car market.

Volkswagen boss urges end to diesel tax breaks

December 11, 2017

The head of the world's biggest automaker Volkswagen has issued an unprecedented call to end tax breaks for diesel fuel in Germany, saying the technology must make way for cleaner ways of getting around.

Volkswagen clinches record sales in 2017

January 17, 2018

German carmaker Volkswagen said Wednesday it sold a record number of vehicles in 2017, putting it on track to hold on to the title of world's largest carmaker two years after its "dieselgate" emissions scandal.

Profitable Daimler expects heavy spending on new tech

February 1, 2018

German automaker Daimler made lots of money last year. That's a good thing, because the company says it will need to spend heavily this year to keep up with the technological change expected to disrupt the car industry.

More self-driving tech in VW's next-generation Golf

January 19, 2018

The world's biggest carmaker Volkswagen said Friday it would stuff even more technology into the next generation of its top-selling Golf model, bringing so-called "connected driving" deeper into the mainstream.

Recommended for you

Scientists solve mystery shrouding oldest animal fossils

March 25, 2019

Scientists from The Australian National University (ANU) have discovered that 558 million-year-old Dickinsonia fossils do not reveal all of the features of the earliest known animals, which potentially had mouths and guts.

Earth's deep mantle flows dynamically

March 25, 2019

As ancient ocean floors plunge over 1,000 km into the Earth's deep interior, they cause hot rock in the lower mantle to flow much more dynamically than previously thought, finds a new UCL-led study.

0 comments

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.