Porsche doubles investment in hybrids, electric cars

February 10, 2018 // By Julien Happich
Sports car manufacturer Porsche announced plans to invest more than six billion euro in electromobility by 2022, focusing on both plug-in hybrids and purely electric vehicles.

The decision was made by the Porsche AG Supervisory Board at its most recent meeting.

“We are doubling our expenditure on electromobility from around three billion euro to more than six billion euro”, explains Oliver Blume, Chairman of the Executive Board of Porsche AG. “Alongside development of our models with combustion engines, we are setting an important course for the future with this decision.”

The plans have been bolstered significantly to include around three billion euro of investment in material assets, and slightly more than three billion euro in development costs.

From these additional three billion euro, some 500 million euro will be used for the development of Mission E variants and derivatives, around one billion euro for electrification and hybridisation of the existing product range, several hundred million for the expansion of sites, plus around 700 million euro in new technologies, charging infrastructure and smart mobility.

In Zuffenhausen, a new paint shop, dedicated assembly area and a conveyor bridge for transporting the painted bodies and drive units to the final assembly area are currently being constructed. The existing engine plant is being expanded to manufacture electric drives and the body shop will also be developed. Investment is also planned for the Weissach Development Centre. The Mission E project has created approximately 1200 new jobs

The purely electric Mission E sports car has a system power of 600hp, meaning that it will require significantly less than 3.5 seconds to sprint from 0 to 100 km/h; it will also be able to accelerate and brake repeatedly without any loss of performance, and it will offer a range of 500 kilometres in the NEDC. The charging time will be very short: Thanks to the 800-V system voltage, it will take just 15 minutes for 400 kilometres.

Porsche, along with Audi, is representing the Volkswagen Group in Ionity, a joint venture with the BMW Group, Daimler AG and Ford Motor Company. The goal