Porsche Doubling Electromobility Investment To EUR6.0-BillionAuto News
In one of its biggest ever development plans, Porsche has pledged to invest more than six billion euros, by 2022, towards electromobility, focusing on both plug-in hybrids and purely electric drivetrains and infrastructure for its future vehicles.
Oliver Blume, Chairman of the Executive Board of Porsche AG explains, “We are doubling our expenditure on electromobility from around three billion euro to more than six billion euro. Alongside development of our models with combustion engines, we are setting an important course for the future with this decision”.
The decision was confirmed during the recent meeting of the Supervisory Board, which includes around three billion euro of investment in material assets, and slightly more than three billion euro in development costs.
From the additional sum of three billion euro, some 500 million euro will allocated 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 Porsche’s main factory 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.
In terms of infrastructure, Porsche, along with Audi, represent the Volkswagen Group in Ionity, a joint venture with the BMW Group, Daimler AG, and Ford Motor Company.
The goal of this venture is to construct and operate 400 powerful rapid charging stations along the major European traffic routes by 2020. Construction began back in 2017. To complement the work of Ionity, the Porsche dealer network is becoming part of a nationwide rapid charging infrastructure.