Monday, 10 December, 2018

Porsche Doubles Electric Vehicles Investment to 6 Billion Euro

Porsche Mission E Concept Porsche Doubles Electric Vehicles Investment to 6 Billion Euro
Theresa Hayes | 07 February, 2018, 04:50

Porsche has announced it is doubling its existing financial commitment to electrified vehicle technology with a planned €6 billion ($A9.4 billion) investment by the end of 2022 - including €500 million ($A782 million) for the development of variants and derivatives of the upcoming production version of the four-door Mission E.

The Volkswagen-owned manufacturer will be using that extra investment across the brand, including putting more money into the Mission E project, which will see the new all-electric sports auto come with nearly 600bhp and over 300 miles of range.

"We are doubling our expenditure on electromobility from around three billion euro to more than six billion euro", says Oliver Blume, Chairman of the Executive Board of Porsche.

Half of that budget will be put into material assets, while the other half will be placed into research and development of electric vehicle technology.

As well as the investment to be made in the development of variants and derivatives of the pure-electric Mission E due out in 2019, Porsche also plans to spend up to €1 billion ($A1.6 billion) on what is describes as the hybridization of existing models, including its iconic 911 sportscar. The engine plant and the body shop are also being expanded to accommodate electric powertrains.

Speaking of infrastructure, Porsche, with Audi, is representing Volkswagen Group in a joint venture between BMW Group, Daimler AG (Mercedes parent) and Ford. Construction began back in 2017. Hence, the company is setting up a charging infrastructure at its European dealerships. It also only takes 15mins to charge up to 400km of range. This, however, is set to be challenged by Porsche's Ionity network.

Currently, Porsche has three hybrid versions in its line-up, two of them variants of the Panamera and one Cayenne SUV. The Panamera Turbo S E-Hybrid is the flagship model in the model line – it offers the flawless combination of exceptional performance and maximum efficiency, with a four-litre V8 engine and an electric motor generating a system power of 680 hp. The model is the sportiest vehicle in the luxury segment - and not in spite of, but because of its hybrid drive system. The company is planning to start sales in U.S. from the spring of 2018. The funds will be used to develop electric cars, hybridize its current vehicle lineup, and create a response to Tesla's unfair advantage - the Supercharger network. (PCNA) is the exclusive US importer of Porsche 911, 718 Boxster and 718 Cayman sports cars; Macan and Cayenne SUVs; and Panamera sports sedans. The company operates a second Porsche Experience Center near Los Angeles. PCNA employs over 300 people who provide parts, service, marketing, and training for 189 dealers.

At the core of this success is Porsche's proud racing heritage that boasts some 30,000-plus motorsport wins to date.