Porsche has commitied to doubling its financial contribution to the development of electrified vehicle technologies, announcing a planned €6 billion ($9.4 billion) investment by the end of 2022, €500 million ($782 million) of which has been earmarked for the development of variants of the comapy's first EV, the Mission E.
While Porsche has previously committed €3 billion ($4.7billion) to electromobility, a review by the German brand's supervisory board has led to that investment doubling in a move that will allow the company to increase the number of plug-in hybrid and pure electric models offered.
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 ($1.6 billion) on what is describes as the hybridization of existing models, including its iconic 911 sportscar.
Porsche chief executive officer, Oliver Blume, says a further €700 ($1.1 billion) will be spent on investments in technology, infrastructure, and smart mobility solutions, while “several hundreds of millions" (of Euros) will go towards upgrading existing production facilities to handle the assembly of new plug-in hybrid and pure electric Porsche models.
Porsche is presently building a new production line and paint shop at its Zuffenhausen headquarters on the outskirts of Stuttgart in Germany for the production of the 441kW Mission E, and has added around 1200 new jobs.
Porsche executive board member for production, Albrecht Reimold, says initial Mission E prototypes are already in pilot production phase, ahead of the four-door liftback model going into series production in 2019, with a run of around 20,000 units.
He also hinted that a second generation of Mission E is already 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.”
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