The company is pressing ahead with its Mission E concept vehicle, and will increase its expenditure on electromobility to €6 billion by 2022, up from its original €3 billion budget. This includes spending on material assets and costs for developing both electric vehicle and plug-in hybrid technology as the manufacturer looks to compete with Tesla in the premium electric car market.
In a statement, Porsche said around €500 million would be used for the development of Mission E variants and derivatives, with several hundred million euros used for the expansion of sites, plus around €700 million in new technologies, charging infrastructure and smart mobility.
At Porsche headquarters in Stuttgart, a new paint shop, a dedicated assembly area and a conveyor bridge for transporting the painted bodies and drive units to the final assembly area is currently being constructed. The existing engine plant is being expanded to manufacture electric drive trains, and the body shop will also be developed. Investment is also planned for the Weissach Development Centre, allowing it to develop and produce the Mission E.
Porsche will also invest €1 billion for the electrification and hybridisation of its existing product range. Porsche recently said decisions to position a plug-in hybrid version of the Panamera sedan as its top-of-the-line version, in combination with a longer electric range, has been a success.