Porsche to Invest $7.5 Billion in Hybrids, EVs

ZUFFENHAUSEN, Germany – Porsche announces it is doubling its current financial commitment to electrified-vehicle technology with a planned €6 billion ($7.5 billion) investment by the end of 2022, including €500 million ($621 million) for the development of variants and derivatives of the upcoming production version of the 4-door Mission E.

The German automaker already had committed €3 billion ($3.7 billion) to electromobility, but its supervisory board has agreed to double that investment in a move to expand the number of plug-in hybrid and all-electric models offered by Porsche.

Besides investing in the development of variants and derivatives of the all-electric Mission E due out in 2019, Porsche also plans to spend up to €1 billion ($1.2 billion) on what it describes as the hybridization of existing models, including its iconic 911 sports car.

Porsche CEO Oliver Blume says a further €700 ($870 million) is earmarked for investments in technology, infrastructure and smart-mobility solutions, while “several hundreds of millions (of euros) is to be spent on upgrading existing production facilities to handle the assembly of new plug-in hybrid and all-electric Porsche models.

Porsche is building a new production line and paint shop at its plant here on the outskirts of Stuttgart, Germany production of the 591-hp Mission E, and has added about 1,200 new jobs.

Earlier, Albrecht Reimold, Porsche’s executive board member for production, said Mission E prototypes already were in the pilot production phase, ahead of the 4-door liftback model going into series production in 2019, with a run of about 20,000 units.

He also hinted a second generation of Mission E already is being considered, saying: “For the moment we are focusing on the first generation. The 911 is now in its seventh generation, with countless derivatives. Our creativity knows no limits and, naturally, we are also considering derivatives for Mission E – but one thing at a time.”