Porsche has announced a new plan to invest more than six billion euro, roughly $9.4 billion Aussie dollars, in electromobility by 2022 with a focus on both plug-in hybrids and purely electric vehicles.
Porsche’s AG Supervisory Board made the decision with the Chairman of the Executive Board of Porsche AG, Oliver Blume, saying, “Alongside development of our models with combustion engines, we are setting an important course for the future with this decision.”
Funding will be spread roughly 50:50 between material assets and development costs. Breaking it down further, about 500 million euro has been earmarked for the development of Mission E variants and derivatives, one billion euro is allocated to electrification and hybridisation of the existing product range, several hundred million euro is set for the expansion of sites and roughly 700 million euro will be invested in new technology, charging infrastructure and smart mobility.
A new paint shop, dedicated assembly area and a conveyor bridge for the transportation of the painted bodies and drive units to the final assembly area is currently under construction in Zuffenhausen.
Adding to this, other improvements include the existing engine plant being expanded to accommodate the electric drives, the body shop getting an upgrade, more investment will be allocated to the Weissach Development Centre and 1200 new jobs will be created due to the Mission E project.
So far customers seem to be pleased with the current line-up of Porsche hybrid variants, in particular, the new Panamera hybrid accounts for 60 per cent of the nameplate's sales in European markets.
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