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Porsche to double electrification budget

Mission E pop-up store, Madrid, 2017.

Porsche ups its budget for electromobility to 6 billion euros ahead of Mission E launch in 2019, and new PHEV models

Porsche will double its budget for the development and manufacture of new electric and hybrid cars by 2022, the German carmaker’s chairman Oliver Blume told Deutsche Presse-Agentur.

“We have to date been working on around 3 billion euros [US$3.7 billion], but now we are close to 6 billion euros [US$7.4 billion] that we are going to put into electro mobility,” Blume told the German news service. “We will enter new segments, and we will also electrify existing segments.”

Part of the Volkswagen Group, Porsche has been later than some of its competitors to the wider push for electrification, but finally showed movement last year with the unveiling of a production model based on its Mission E Concept, and the expansion of its range to include more hybrids and PHEVs.

An all-electric Mission E sports model will be rolled out at the end of 2019. The EV will be capable of over-the-air updates and will have a range of more than 310 miles on one charge. It will be built at Porsche’s headquarters in Zuffenhausen near Stuttgart, with 20,000 vehicles a year produced at first, ramping up to at least 60,000 based on greater demand predictions.

More than that, Porsche has also been investing in superfast charging infrastructure, installing two 800 V systems at its Stuttgart headquarters, with the capacity to provide up to 350kW of charging power. If this proves to be compatible with the Mission E upon release next year, it could mean 250 miles of range on a 15-minute charge.

Early test models have already been spotted on the roads and in various environmental conditions.

Although Porsche is ramping up its electric capabilities, Blume was careful to note that this overhaul would not occur overnight. “We will not have millions of electric vehicles on German roads from one day to the next,” he told dpa. “This is a process that will develop over the next three to five years. Then things will go relatively quickly.”

The automaker is expected to make its next major announcement on electrification sometime during the first half of this year, with speculation centring on a possible electric SUV for release some time in 2022 (around the same time that its successful Macan SUV model is up for a redesign). We’ll keep you posted if we hear more.

 

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