Porsche is Investing Even More Money Into Electrification

Porsche has announced it is investing more than 6-billion euros ($7.45-billion USD) on electromobility.

That’s double what the company originally intended to spend on electrification and is a sign of Porsche’s dedication to hybrids, plug-in hybrids, and electric vehicles. About half of the investment will go towards material assets, while a little more than 3-billion euros ($3.73-million USD) will go to development costs. From the additional three-billion investment, around 500-million euros ($620-million USD) will be used to develop the Mission E and its variants, while another 1-billion euros will go to electrifying the existing product range, which includes hybrid variants. Several hundred million will be used for expansion of sites, and around 700-million euros will go towards new technologies, charging infrastructure, and smart mobility.

Currently being constructed in Zuffenhausen is a new paint shop, dedicated assembly area, and a conveyor bridge for transporting the painted bodies and drive units to the final assembly area. The existing engine plant is also being expanded to accommodate the production of electric drivetrains. Further investment is going to the body shop and some funding is dedicated for the Weissach Development Center. Porsche says the Mission E project has created around 1,200 new jobs.

SEE ALSO: Porsche is Developing an Electric Supercar Platform

The all-electric Porsche Mission E will have a total system output of around 600 horsepower, allowing the sedan to go zero to 62 mph in less than 3.5 seconds. On the generous NEDC, it will offer a range of 311 miles (500 kilometers), but expect that to be less once it arrives in North America.

Porsche and Audi are presenting the Volkswagen Group in Ionity, which is a joint venture with BMW, Daimler, and Ford to construct and operate 400 powerful rapid charging stations in Europe by 2020.

In case you’re wondering why an automaker that has built its reputation on making exciting sports cars is investing so heavily into electrification, Porsche said since the market launch of the new Panamera, approximately 60 percent of all vehicles delivered in Europe were hybrid variants. That figure is even more impressive in other markets like Scandinavia, which reached around 90 percent.

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