Porsche doubles electric mobility investment to more than €6 billion
German luxury car maker is putting extra money into electrifying its existing range as well as increasing the number of derivatives of its EV-only Mission E project
Porsche is doubling its investment in electric mobility to add more electrified variants to its range and create extra derivatives of the all-electric Mission E.
The German luxury car maker’s investment in what has been dubbed “electromobility” now stands at circa £5.3bn, which will be split between the creation of all-electric and hybridised powertrains, expanding factories to incorporate electrified technology and improving charging infrastructure.
Oliver Blume, chairman of the executive board of Porsche, said: “We are doubling our expenditure on electromobility from around three billion euros to more than six billion euros.
“Alongside development of our models with combustion engines, we are setting an important course for the future with this decision.”
Porsche says that about €500m (circa £444m) will be used to create production variations of the Mission E, Porsche’s all-electric saloon concept. The electric drivetrain uses permanent magnet-synchronous motors developed from those used in the firm’s Le Mans-winning endurance racer, gets 800-volt charging for faster battery refills and has a claimed range of more than 300 miles.
The German car maker says the rapid charging can add about 250 miles of range in just 15 minutes. The firm is also investing in a series of 800-volt charging stations along European highways alongside Audi, BMW, Daimler and Ford as part of a group called Ionity. Construction of the stations began in 2017, and the companies aim to have 400 across the continent by 2020.
Last year, Porsche announced that it was ditching its hugely successful endurance racing programme and would instead focus on competing in the all-electric Formula E series from 2019.
