Porsche to double investment in electric cars
The Stuttgart-based firm said it would spend more than six billion euros ($7.5bn) in developing hybrid and battery-powered cars over the coming five years.
Of the additional three billion euros being put on the table, some €500m will go towards developing Porsche's flagship all-electric vehicle known as the Mission E, slated for release in late 2019.
Porsche says the car will boast 600 horsepower and a range of 500km (310 miles), characteristics that would make it a competitor to US-based electric car Tesla.
Expansion of sites
Around one billion euros of the additional cash will go towards developing electric and hybrid versions of existing models, 'several hundred million euros' will be spent on the expansion of sites, and around 700m euros in building up a network of fast charging stations for electric vehicles.
But Porsche is not turning its back on the traditional combustion engine completely, despite increasing suspicion of the technology in Europe since Volkswagen's 'dieselgate' emissions cheating scandal broke in 2015.
Its investments in electric cars are part of VW's group-wide drive to speed up the introduction of battery-powered vehicles.
Porsche chief executive Oliver Blume told news agency DPA that, despite the increased costs of building electric vehicles, the luxury subsidiary would aim to uphold its operating margin of 15% the long term.
Source: AFP
Source: I-Net Bridge
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