A Taycan drives through town. Porsche
There was no guarantee that Porsche would be one of the automakers to thrive as the industry shifted from internal combustion engines to electric motors.
But so far, the German luxury car maker has been hugely successful.
The company began selling its first hybrids in 2010 and its first all-electric model, the Taycan, in 2020. Last year, more than one in eight vehicles the company sold was a Taycan.
On Friday, company executives announced that Porsche was doubling down on electric vehicles.
By 2030 – in less than a decade – “the share of all new vehicles with fully electric drive is expected to be over 80%”, according to Oliver Blume, Chairman of the Board of Management of Porsche AG. He spoke at a company event in Germany.
The company has also set itself an interim target: by 2025, that is to say in just three years, it expects half of the vehicles it sells to be electric, including the hybrids.
The Taycan led the charge
The success of the Taycan has been a huge deal for Porsche, a company whose racing-adjacent brand might have struggled to sell electric vehicles to its customers. Blume made this point during the press conference, reminding reporters that “[t]hThe Taycan is 100% Porsche.”
The model “inspires all kinds of people – existing and new customers, experts and trade media,” Blume said.
There is no discussion with that. In its second year of production, the company sold more Taycans than Tesla sold its Model S and X combined. The Taycan even surpassed Porsche’s famous 911 sports car.
The company sold around 300,000 cars in 2021, grossing $36.5 billion across all divisions. He kept $5.9 billion in profit.
How Porsche could reach 80% electricity by 2030
Even with a quick start, the company still has a lot of work to do before most of its sales come from electric vehicles.
It’s taking the unusual step for an automaker to “invest in high-end charging stations”, both with partners and on its own. The company will start installing charging stations in Germany, Switzerland and Austria later in 2022. The stations will complement the European Ionity network and they will only be available to Porsche customers.
The company also invests in the production of batteries. (Sound familiar?) Porsche previously announced its partnership with battery maker Cellforce, opening a factory near a Porsche factory in Germany this year. The factory will initially produce enough batteries to power 1,000″electric-powered Porsche models with high-performance transmissions” per year.
Porsche looks to the future
Finally, Blume made some much-awaited announcements about the future of Porsche’s hybrid and all-electric lines.
He said customers can finally expect to see a hybrid version of the legendary 911, but not a plug-in model. It is not clear if there are The 911 GT models will benefit from the same treatment. A tight-lipped Blume said there would be “surprises”.
A critical moment
These announcements come at a critical time in Porsche’s history. Last month, Volkswagen – Porsche’s parent company – announced a preliminary “framework agreement” to spin off the subsidiary, which accounts for around a third of its profits.
VW would use the proceeds to help fund its transition to electric vehicles.