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Porsche to Double its Commitment to EV Technology

Porsche to Double its Commitment to EV Technology

Porsche is already planning in investing £5.3 billion (around $7.4 billion) in electrifying its range of cars by 2022, thereby doubling its original commitment. This includes a £447 million (almost $630 million) investment in pushing the development for the all-electric Mission E sports car.

The company has already pledged £2.65 billion (over $3.7 billion) to EV technology, and now the Porsche AG Supervisory Board has made it official to double this amount. Aside from its Mission E models, the move from the board will include £88 million (over $123 million) in creating both hybrid and electrified variants of its existing cars, and £619 million (over $870 million) in relevant technology, with smart mobility and charging infrastructure underneath it.

Porsche is currently erecting a new assembly facility and paint shop located at the Zuffenhausen plant for the creation of the 591bhp Mission E, which in effect has made around 1200 new jobs for locals.

Porsche’s executive board member for production Albrecht Reimold mentioned the first Mission E prototypes were in pilot built. That’s a year before the 2019 production plan, which aims to manufacture around 20,000 units.

Reimold also teased that they are already planning a second generation of Mission E. He said, “For the moment we are focusing on the first generation. The iconic 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.”

Mission E is indeed making its reputation as the company’s first all-electric vehicle, although they have introduced plug-in hybrid variants of current vehicles, with the Panamera included. This is in line with Volkswagen Group’s goal of electrifying every single model by the year 2030.