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Porsche to invest more than $7.4B in electromobility by 2022

Porsche will invest more than €6 billion (US$7.4 billion) in electromobility by 2022. The money will be spent on derivatives of the Mission E (earlier post), hybridization and electrification of the current model range, as well as on developing a charging infrastructure and smart mobility.

Plans for derivatives of the Mission E are also under way: last week at the Geneva show, Porsche presented a production-ready concept study of the Mission E Cross Turismo. (Earlier post.) The purely electrically driven Cross-Utility Vehicle (CUV) has a system power of more than 600 hp (440 kW), a range of more than 500 kilometers (311 miles) and accelerates from 0 to 100 km/h in less than 3.5 seconds. The charging time is four minutes for a range of approximately 100 kilometers.

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Concept Study Mission E Cross Turismo

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.

The regions of the world are developing at different rates. We are therefore gearing ourselves up as flexibly as possible for the transitional period.

—Oliver Blume, Chairman of the Executive Board of Porsche AG

Porsche AG set new records for deliveries, revenue and operating results in the 2017 financial year, delivering a total of 246,375 vehicles (+4%) and increasing its revenue by 5% to €23.5 billion. Its operating profit rose by 7% to €4.1 billion; as a result, its operating return on sales increased from 17.4% in the previous year to 17.6%. At the end of 2017, Porsche employed 29,777 people, representing an increase of eight per cent compared to the previous year.

We have succeeded in boosting our operating result by over 50 per cent within the last three years. 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.

—Lutz Meschke, Deputy Chairman of the Executive Board and Member of the Executive Board for Finance and IT

Digitization, 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%.

We must and we will generate growth potential alongside the actual vehicle business. In the medium term, we want to generate a double-digit percentage of sales through digital services.

—Lutz Meschke

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

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