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Porsche Doubles Investment in Electrification to €6 Billion
Porsche AG plans to spend more than €6 billion ($7.4 billion) by 2022 to develop and introduce plug-in hybrid and all-electric vehicles—twice the size of the previous budget.
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Porsche AG plans to spend more than €6 billion ($7.4 billion) by 2022 to develop and introduce plug-in hybrid and all-electric vehicles.
The Volkswagen Group company previously planned to spend €3 billion on so-called e-mobility over the same period. The company says the doubled budget will be split approximately equally between material assets and product development.
Porsche notes that about 60% of European customers for its redesigned Panamera sport sedan are opting for the car’s hybrid powertrain option. Both variants of the system can propel the car for as many as 50 km (31 miles) in electric-only mode. The hybrid Panamera will go on sale in the U.S. this spring.
Porsche first all-electric car, the Mission E, will make 600 hp, sprint from zero to 100 kph in less than 3.5 seconds and be able to travel roughly 500 km (310 miles) per charge. A high-power, 800-volt charging system can replenish the battery for 400 km of range in about 15 minutes. The Mission E is expected to go on sale at the end of 2019.
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